TOKYO - Nomura Holdings cannot escape an aging society or low interest rates, but the Japanese investment bank might be able to wring more money out of advisory and underwriting as it grapples with the long-term “megatrends”, its outgoing chief executive said.
Nagai is due to become Nomura’s chairman in April and will be replaced by Kentaro Okuda, now co-chief operating officer, to lead a turnaround at the firm, which last year posted its first annual loss in a decade, has cut costs and also announced plans to shut 20% of its domestic retail branches. The size of the Greentech deal was not disclosed, although the Nikkei newspaper put it at 10 billion yen .
Okuda has said he wants to speed up the pace of reform with “a sense of urgency”, but has not provided details.