Nomura Holdings Inc., Japan's biggest brokerage, said it slid to its first quarterly net loss since 2011 as its wholesale division fell into the red, its retail division weakened and its overseas operations lost money for a sixth straight year.
Two weeks after it warned it would cut some overseas jobs and operations, Nomura on Wednesday booked a fourth-quarter net loss of ¥19.2 billion, compared with a net profit of ¥82.0 billion a year earlier. The loss included a ¥16 billion charge for redundancy packages.
The cutbacks announced this month signal an admission that Nomura's latest drive to achieve its long-cherished ambition to become a global player had run into trouble. Having run up $3.5 billion in losses overseas in six years, it said it was axing a brokerage unit and hundreds of jobs in Europe and the Americas.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.