Japanese brokerage firm, Nomura Holdings Inc have lost $3.8 billion as a result of buying Lehman Brother’s operations as reported by The Globe and Mail.
Nomura plans to make staff payment cuts for the quarter due to the loss.
The firm believed that the Lehman Brother’s assets would help develop the company, however the cost to keep it running was high.
The latest results highlight the fact that the balance of income and costs at Nomura in the current environment is not good and it needs to cut costs, says Wataru Kasatani, financial sector analyst at Meiji Dresdner Asset Management.
SA