Finance
Daiwa Posts Dealmaking Losses as High Costs to Lure Bankers Bite
- Investment banking losses due to M&A banker hires, CFO says
- M&A business was solid in Japan but declined overseas
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Daiwa Securities Group Inc.’s profit rose less than analysts estimated as investment banking losses overshadowed gains in the domestic wealth management business.
Net income gained 1.2% from a year earlier during the three months ended June 30 to ¥24 billion ($160 million), Japan’s second-biggest brokerage said in a statement Thursday. That compares with the average forecast of ¥30.8 billion by three analysts polled by Bloomberg News.