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By Anton Bridge
TOKYO (Reuters) – Japan’s largest securities agency Nomura Holdings (NYSE:) has room to chop prices by an additional 28 billion yen ($187 million) within the short- to medium-term, Chief Govt Officer Kentaro Okuda advised an investor summit on Tuesday.
The efforts mark the newest in Nomura’s multi-year technique to cuts prices, drive up return-on-equity and give attention to steady, high-profit enterprise strains that has seen it submit six consecutive quarters of internet revenue development to the tip of September this yr.
The measures come on high of Nomura’s current plan to chop 62 billion yen ($414 million) of prices within the short- and medium-term, which embody optimising info know-how throughout the group, offshoring sure features and reviewing workplace places.
Okuda additionally stated Nomura was making regular progress in the direction of its goal of attaining constant return-on-equity of between 8% and 10% set final Might, as an illustration by rising its risk-light companies, which embody underwriting and advisory companies.
Core to this technique is Nomura’s international wealth administration enterprise, which has grown belongings beneath administration threefold over the previous 4 years.
The unit presents brokerage, asset administration and mortgage merchandise and has developed know-how on a par with international requirements which Nomura now plans to make use of in its Japanese wealth administration arm, Okuda stated.
Earlier than his presentation, Okuda apologised for the touble attributable to a former Nomura worker who was final month charged for a number of crimes together with tried homicide and theft.
Earlier this yr, a bond buying and selling market manipulation case noticed Nomura hit with a 21.8 million yen nice from Japan’s banking regulator and briefly lose its standing as a main supplier of presidency bonds.
($1 = 149.9200 yen)
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