, is ill-positioned to benefit from rising lending rates as much as commercial banks are; both investment-banking firms posted a 5% decline in net revenue in the most recent quarter.
Wholesale revenue, dragged down by a 20% decline in investment banking, contracted for the quarter but remained up 10% for the year. Retail and investment management contracted compared to the prior quarter; that could be more than just seasonal if the global economy stays rickety. Shareholders might remind themselves that this particular external shock is not boss Kentaro Okuda’s fault - but they’re hyper-sensitive given Nomura’s history.
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