Nomura’s first-quarter profit plunged to the lowest in two years as its wholesale business lost money thanks to a slump in fixed-income trading, while the domestic retail operation lost steam.

Bloomberg News net income fell 91% to $47m in the three months ended June 30 from a year earlier, Japan’s biggest brokerage said Thursday.

The firm posted its second consecutive quarterly loss overseas, led by Europe, undermining CEO Koji Nagai’s efforts to sustain profits outside of Japan. At home, a stagnating equity market is clouding prospects for the retail securities business.

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Nomura Profit Plunges 91% as Wholesale Business Loses Money

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