Nomura said its four years of losing money abroad may soon be over as the firm rebuilds businesses outside of Japan after cutting costs.
Bloomberg News reports that Nomura is on track to achieve its goal of becoming profitable in Asia, Europe and the U.S. by March, Chief Financial Officer Shigesuke Kashiwagi said on Tuesday after second-quarter earnings beat estimates.
The firm will probably reach another target of $460m in annual pretax profit from overseas by March 2016, he said.
'It won’t be easy to meet the ($460m) target,' according to Masao Muraki, a Tokyo-based analyst at Deutsche Bank AG, who said low trading volume and interest rates will hamper fixed income. 'Nomura has been under pressure from shareholders because it couldn’t generate profits from overseas businesses that use a lot of capital.'
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