Nomura confident of overseas profit rebound

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Nomura Holdings CEO Koji Nagai said he’s confident that the brokerage will sustain a rebound in overseas profit this fiscal year as global financial-market turmoil subsides and cost cuts take hold.

“The storm has passed, but the skies aren’t clear yet,” Nagai said Wednesday at an investment forum hosted by the securities firm in Tokyo. He said the company is on course to achieve $444m of pretax profit abroad in the year ending March, a goal that it scrapped the previous fiscal year.

Bloomberg News reports that Nomura has earned $355.9m outside of Japan in the first six months alone after enjoying a rebound in fixed-income trading and eliminating hundreds of jobs in Europe and the U.S. The firm posted six straight years of losses overseas as it struggled to build a global franchise after purchasing Lehman Brothers’ Asian and European businesses during the 2008 financial crisis.

Nagai said in a February interview that it was impossible to predict when the firm would become profitable overseas because of worldwide market volatility. Japan’s surprise introduction of negative interest rates, an oil slump and mounting concerns over the health of European banks were among factors battering the nation’s financial firms at the time.

To access the complete Bloomberg News article hit the link below:

Nomura CEO Is Confident on Overseas Profit as ‘Storm Has Passed’

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