The International Herald Tribune reports that Nomura Holdings posted better than expected third quarter results as net revenues came in at $108m after strong profits from fixed income and a reduction in operating costs.
The Japanese securities house is, however, still struggling to lure back retail brokerage clients in Japan and has embarked on an extensive advertising campaign back in the home market in order to encourage investors to use its services.
Nomura continues to hang in there and quietly goes about its business. Although it struggles to sort out its cost base back home and they are genuine concerns about the future of the Japanese economy and medium-term prospects, the firm is well placed to capitalise on the equity underwriting markets when conditions revive.
In London, we have seen no mass redundancies and staff are not overly concerned about their future prospects. There are far worse places to be in the City at the moment.