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Japan’s Nomura reports heavy losses

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by Kay Mitchell

Japan’s largest stockbroking firm, Nomura, has reported its worst ever quarterly loss blaming the integration of Lehman Brother’s Asian and European operations, which it bought last September.

Its quarterly loss (which related to the October to December 2008 period) amounted to 342.9 billion yen (£2.7 billion), compared with 400.37 billion yen for the same period in 2007.

Nomura’s chief financial officer, Masafumi Nakada, described the results as regrettable, while, Kenichi Watanabe, president and chief executive, said the fourth quarter was an extraordinary one for the industry and Nomura was no exception.

The results represent the fourth consecutive quarter that the broker has been in the red.

Meanwhile, the group said it will slash annual bonuses for 20 senior managers, which includes its president, and reduce their salaries by around 30% in company-wide attempt to cut costs.

Last month, Nomura announced it was axing 1,000 jobs in London.

Despite the disappointing results, shares in the group rose 5%.

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News posted: January 27, 2009

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