Nomura to Review Retail Costs as Business Trails Daiwa Again
Nomura Holdings Inc. is reviewing costs at its retail business after earnings from the brokerage’s usually profitable division trailed its smaller rival Daiwa Securities Group Inc. for a second straight quarter.
Chief Financial Officer Takumi Kitamura is “taking a closer look into the cost structure” of the unit with retail head Go Sugiyama, he said at an earnings briefing on Wednesday after Japan’s largest brokerage announced that pre-tax profit from the segment slumped 74% to 4.9 billion yen ($36.8 million) from a year earlier.