Nomura’s Domestic Cost-Cutting Is Positive and Important, but Big Overseas Presence Remains a Drag
CEO Koji Nagai told the institutional investors at Nomura’s Investment Forum the firm will cut costs in its Retail division by 10% over the next three years, closing more branches with overlapping coverage areas in Tokyo and urban areas. Nomura has frequently pared expenses in its Wholesale division overseas, but large-scale reductions in domestic Retail would represent a change, in our view.We view Nomura's financial performance as likely to continue to lag that of smaller peer Daiwa unless N...
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