Retail brokerage operations have led a resurgence in profit at Nomura, prompting Moody’s Investors Service to raise its credit rating this month. Investment-banking income, which fell last quarter, may pick up after the firm was chosen to coordinate share sales including state-owned Japan Post Holdings Co.’s initial public offering.
'We expect Nomura to boost income from wholesale businesses,' said Koichi Niwa, an analyst at SMBC Nikko Securities Inc. in Tokyo. 'The brokerage will probably expand its equity capital markets and mergers and acquisition advisory operations considerably, depending on market conditions.'
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