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30 Jul, 2010 - Nomura Q1 results fell
short of market expectations
Nomura
Holdings announced on Friday that its net profit fell to 2.3
billion yen, its lowest in six quarters on a slump in investment
banking and trading.
Nomura's performance was slowed as investors held back from active
trading as the European debt crisis increased volatility in debt
and currency markets. The company's figures also fell due to a
severe drop-off in its underwriting business while Japanese
companies refrained from issuing new shares.
While Nomura is
expanding overseas to better compete against other leading banks,
it also announced plans to spend up to 50 billion yen to buy back 2
percent of all shares outstanding.
The news comes as both UBS, Switzerland's biggest bank and Deutsche
Bank AG, Germany's largest bank reported second-quarter profits.
Morgan Stanley also saw a surge in trading income in recent
months.
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