Cost Reduction Remains the Key Strategy in Mitigating Market Volatility for Nomura
No-moat-rated Nomura's results beat street estimates as the firm benefited from strong trading in global fixed-income markets. Outside Japan, annual cost savings of USD 700 million have materialized sooner than expected, with the overseas operations reporting pretax profit of JPY 23.1 billion, increased from JPY 16.9 billion in the previous quarter. Management stated it has achieved about 70% of its cost-saving targets with additional room for cost reduction in coming quarters.ÂWe raise our fai...
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