Photographer: Kiyoshi Ota/Bloomberg

Nomura Cheaper Than Daiwa Shows Overseas Expansion Risks: Chart

Nomura Holdings Inc., with a price-to-book value lower than Daiwa Securities Group Inc.’s since 2011, became even cheaper this year as losses abroad widened, underscoring the pitfalls of its ambitions to be a top global investment bank. Now, as it prepares to release earnings on Wednesday, Japan’s biggest brokerage is set to announce details of its plan to close some businesses overseas -- a move that may cost as many as 1,000 employees their jobs, according to people familiar with the matter. Investors will be watching whether that makes Nomura profitable overseas and narrows the gap with more domestic-oriented Daiwa.

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