Despite returning to a full-year profit for the first time in three years, Nomura is said to be making slow progress in its stated aim to become a truly global investment bank.
The acquisition of some of Lehman's Asian and European businesses in September 2008 helped the firm post a $728m net profit for the 12 months to the end of March, but the departure of over a dozen former Lehman executives in recent weeks suggests that things are not going as smoothly as Nomura would wish, and that it is struggling to make the impact it seeks in the financial markets.
Here are a few media sound bites on Nomura's current status:
'Nomura has two principal problems - culture and an aggressive recruitment market'.
Ralph Silva, analyst, Silva Research Network (Bloomberg)
'I might have been satisfied with the results if Nomura was a domestic player, but it is now a global player. It should have earned more after it bought Lehman Brothers'.
Mitsushige Akino, Chief Fund Manager, Ichiyoshi Investment Management (Reuters)
'The airplane just left the ground last year. It needs to gain more altitude'.
Takumi Shibata, COO Nomura Holdings (Bloomberg)
'We have to accelerate the speed of growth in the US'.
Masafumi Nakada, CFO Nomura Holdings (The Wall Street Journal)
'Investment banking is ferociously competitive. I strongly doubt Nomura can develop a strong international investment banking business'.
Giorgio Questa, finance professor, London's Cass Business School (Bloomberg)