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Nomura hit as US expansion limits profits

first_img Nomura hit as US expansion limits profits NOMURA plans to expand into China in the next 18 months, according to the chief operating officer of its wholesale business Jesse Bhattal, who spoke as the firm’s fourth quarter results missed forecasts.“It is one of the most important geographies. We would like to over the next 12 to 18 months have a local market presence in China,” Bhattal said.But the bank will need to convince investors that expansion will provide the jumpstart needed after yesterday’s results.The bank reported a net profit for the fourth quarter of 2010 of ¥13.39bn (£101.3m) – well short of consensus forecasts of ¥17.4bn. In line with US convention, it regards the fourth calendar quarter as its third financial quarter, and will report “full-year” results in March. The bank has struggled since buying up the non-US assets of Lehman Brothers. During the past 18 months it has added more than 1,000 staff in the US in a bid to break into the top tier of investment banking. But it has yet to reap the rewards of its investment. Its wholesale business, which includes investment banking, was particularly badly hit: the division recorded a ¥22bn loss over the nine months to December. Nine-month fees from investment banking fell 11.8 per cent to ¥79.2bn. The disappointing profits were in part on the back of costs rising in relation to revenues: nine-month non-interest expenses fell 2.6 per cent to ¥775.5bn, whereas nine-month revenues fell 4.8 per cent. Overall, its nine-month pre-tax profit was down 27.2 per cent to ¥55.8bn. The bank’s asset management division, however, helped to prop up its earnings, bringing in ¥17.1bn for the nine months to December, a rise of 25 per cent on the previous nine months. whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solutionautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald More From Our Partners Fans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com center_img Share KCS-content Show Comments ▼ Wednesday 2 February 2011 7:43 pm Tags: NULLlast_img read more