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Nomura Sinks Faster Than Deutsche Bank as Shareholders Flee


10:21 11/04/2019

Bloomberg Markets


"Their structural overhaul is more about improving profit through cost cuts rather than through raising the top line,"
said Kengo Sakaguchi, an analyst at Japan Credit Rating Agency. "Reducing costs may help its earnings improve temporarily, 
but unless its top line grows afterward, the outlook will remain murky."


10:08 11/04/2019

Nomura Holdings Inc.'s latest attempt to revamp its international
business is falling flat with investors, who've never been so downbeat on the stock relative to global peers.


Japan's largest brokerage has dropped almost 3 percent in Tokyo trading 
since Chief Executive Officer Koji Nagai unveiled a sweeping overhaul plan on April 4, bringing its six-month slide
 to 23 percent. That's the second-biggest decline among major securities firms worldwide after Societe Generale SA, 
outpacing even notoriously poor performers like Deutsche Bank AG. Nomura's valuation discount versus global financial 
companies deepened to 58 percent this week, the widest gap since Bloomberg began tracking the data in 1999

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