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Global Investment Banks Signal Slump on Calm Markets, Brexit

  • Nomura Worst Hit on declines in fixed-income, equities trading
  • UBS posts biggest drop so far from advisory, underwriting

The world’s biggest investment banks are mostly painting a bleak picture of business in the first quarter.

Nomura Holdings Inc., the troubled Japanese bank, is leading the slump, even as some European lenders staged slight recoveries after years of losing share to their U.S. rivals.