Nomura Shares Fall After Surprise Loss Overshadows Cost Cutting
- Japanese bank is cutting back after six years of losses abroad
- COO pledges to return overseas businesses to profit this year
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Nomura Holdings Inc. fell in Tokyo trading after posting a surprise quarterly net loss and unveiling steps to return overseas operations to profit by cutting costs.
The shares dropped 4.5 percent at 9:43 a.m. Thursday in Tokyo, the worst performance on the Topix Securities Index, which lost 2.3 percent. The fourth-quarter net loss, Nomura’s first in more than four years, totaled 19.2 billion yen ($172 million) as trading income and brokerage commissions slumped and it set aside cash for payouts tied to job cuts.