Nomura Is Counting on Retail Revival to Bolster Earnings

For rival Daiwa, a rebound in brokerage commissions wasn't enough

When Nomura Holdings Inc. reports first-quarter results Friday, investors will be watching whether its domestic consumer business made up for a likely drop in fixed-income trading -- something Daiwa Securities Group Inc. failed to pull off. If Japan’s stock rally generated more brokerage commissions, that would be welcome news for the nation’s biggest securities firm, which has seen retail revenue slump for three years. Boosting individual client assets is key for Nomura to reach its target of at least 160 percent higher retail pretax profit by March 2020, Bloomberg Intelligence analyst Francis Chan says.

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