Credit Suisse investment bank decline will persist

May 10, 2016

The Swiss bank cut costs briskly while keeping capital levels steady in the first quarter. Net margins in wealth management also outdid bigger rival UBS. But boss Tidjane Thiam’s botched restructuring of Credit Suisse’s trading arm is in danger of leaving lasting scars.

Tough markets prompt Nomura soul-searching

November 1, 2011

After a $589 million quarterly loss, the Japanese group is shrinking its investment bank. It’s not alone. But unlike peers, Nomura was sub-scale to begin with. Without a sustained market recovery, it is hard to see how Nomura’s global ambitions can survive.

Don’t blame Japan for foreign CEO departures

April 20, 2012

Yes, its insular culture may have alienated bosses at Nippon Sheet Glass, Olympus and Nomura. But merger pains, fraud and headstrong directors are problems everywhere. The more they go abroad, the more Japanese companies will have foreign executives - and not all will work out.

Activist flushes out Nomura and investor weakness

June 4, 2012

An anonymous shareholder has filed all 18 independent proposals for the Japanese firm’s annual meeting. Some are peculiar, like suggesting workers squat on the toilet. Others are more mainstream. If nothing else, the secret scribe exposes the supine nature of Japan’s investors.

Japan needs more than apologies on insider trades

June 22, 2012

Handing a $6 bln privatization to Nomura’s rivals after the bank apologized for leaking earlier share sales seemed like a government rebuke. But Nomura probably lost fair and square. Either way, Tokyo needs to make leaks illegal and trying to profit on them much more painful.

Nomura resignations pave way for the Lehman unwind

July 26, 2012

The departing CEO and COO authored the Japanese brokerage’s purchase of Lehman Brothers. Their strategy wasn’t wrong, just unlucky. While parts of Nomura are doing well, the market is brutal and returns on equity meager. The new broom has a rare chance to suggest a graceful exit.

Deutsche and Nomura should help tidy Monte mess

February 11, 2013

Monte dei Paschi faces big losses from structured trades arranged by Deutsche and Nomura. The Italian lender may have known what it was doing when it took on the risks. But Deutsche and Nomura could score regulatory and reputational dividends from helping MPS out of its tangle.

No easy ride for Nomura

October 28, 2009

By its own standards, Nomura has come a long way in the past year. The Japanese bank now generates half its revenues - and the majority of its profits - outside its home country. But measured against the global investment banks it is hoping to challenge, Nomura still has some way to go.

Can Tesco really be as cheap as chips?

October 23, 2009

Matthew Truman doesn't just think Tesco shares are undervalued. He thinks you're getting one free with every three you buy at today's price. The Nomura analyst and his team have written 112 pages to back up their contention that they are worth 526 pence each, against yesterday's close of 389 pence.

Uncertain return on Nomura share issue

September 25, 2009

If you're expecting a rush it's best to be at the front of the queue. That seems to be Nomura's thinking in launching a surprise $5.6 billion share issue. The bank has plenty of good reasons to demand more capital. But investors will take some persuading that the additional investment is going to generate a return any time soon.