Thursday, October 30, 2008
I guess guaranteeting Lehman employees $1bn in bonuses was not so smart
Nomura Holdings Inc, Japan's largest brokerage, posted its third consecutive quarterly net loss on Tuesday as financial market turmoil led to big trading losses and discouraged companies from issuing shares or making deals. Nomura, which last month bought Lehman Brothers (nyse: LEH - news - people )' operations in the Asia-Pacific region, Europe and the Middle East, also warned of potential losses on exposure to crisis-hit Iceland and further write-downs on its stake in Fortress Investment Group (nyse: FIG - news - people ). The outlook for Japan's brokerage sector remains bleak with the benchmark Nikkei average sliding to a 26-year low this week, depressing trading commissions and demand for capital raising, mergers and other fee-generating deals.