Nomura UK losses reach $2.15bn

14 August 2009

Pre-tax losses at Nomura International climbed to $2.15 billion in the 2008-09 financial year.

The European arm of Japanese brokerage Nomura Holdings blamed exposure to the Madoff fraud scandal and the collapse of Icelandic banks for the result.

During the same period in the previous year, losses at the company totaled around $713 million.

The figures are the first to be published since Nomura took over the Asian, European and Middle East operations of Lehman Brothers in September last year.

This led to disputes between the new staff and existing employees, with the former being offered lucrative deals in order to stay in their positions following the collapse of their previous employer.

According to Reuters, wages and salaries at Nomura International rose from $315 million in 2007-08 to $1.14 billion last year.

Last month, Nomura announced that its European operations made a profit of $160 million during the three months to the end of June.

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