Nomura Writedown Closes Chapter on Turbulent Lehman Saga
- Firm posts second straight loss amid market turbulence
- Overseas operations lost money for fourth quarter in a row
Lehman Brothers New York headquarters on Sept. 10, 2008.
Photographer: Jeremy Bales/Bloomberg
This article is for subscribers only.
Nomura Holdings Inc. finally admitted that the two deals which underpinned its transformation into a global investment bank didn’t add much value to shareholders.
Japan’s largest brokerage disclosed an 81.4 billion yen ($749 million) charge Thursday related to its 2008 acquisition of Lehman Brothers Holdings Inc. operations in Europe and Asia, and its $1.2 billion purchase of electronic brokerage Instinet the previous year. After the charge, Nomura said it no longer carries any goodwill from those deals.