Nomura Holdings Inc said on Tuesday it will beef up its private investment business, including expanding its advice to start-ups, as it seeks to diversify revenue sources in the wake of the coronavirus pandemic.
Chief Executive Kentaro Okuda also forecast 110 billion yen ($1 billion) of pretax income in the retail business for the year ended March 2023, which would be more than double the 49.4 billion yen the bank reported in the year ended March.
Nomura, Japan’s biggest brokerage and investment bank, earlier this month posted a surprising quarterly loss for the three months to the end of March as the coronavirus pandemic battered global stock markets.
“The coronavirus shock to the world economy is much larger than the global financial crisis in 2008,” Okuda, who took his post in April, told investors in an online briefing.
Nomura said a year ago that it planned to target about 140 billion yen in cost cuts by March 2022. About 70% of that plan had been achieved by the end of March 2021, Okuda said.© (c) Copyright Thomson Reuters 2020.