Nomura reports biggest quarterly loss in over a decade on Archegos hit Reuters 1 hr ago
TOKYO, April 27 (Reuters) - Nomura Holdings Inc, Japan s biggest brokerage and investment bank, reported on Tuesday its biggest quarterly net loss since the 2008 global financial crisis, taking a 245.7 billion yen ($2.3 billion) hit from the collapse of U.S. investment fund Archegos.
Its January-March net loss came in at 155.4 billion yen , versus a 34.48 billion yen loss a year earlier when global stock markets were battered by the coronavirus pandemic. ($1 = 108.2300 yen) (Reporting by Makiko Yamazaki and Takashi Umekawa; Editing by Himani Sarkar and Edwina Gibbs)
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TOKYO (Reuters) -Nomura Holdings Inc said it would incur $2.9 billion worth of pain from the collapse of U.S. investment fund Archegos but added that while it was beefing up risk controls, it had no plans to scale back its U.S. business.
FILE PHOTO: The logo of Nomura Securities is seen at the company s Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo
Taking the second-largest hit from the Archegos debacle after Credit Suisse, Japan’s biggest brokerage and investment bank posted a fourth-quarter net loss of around $1.4 billion, its largest quarterly loss since the 2008 global financial crisis.
Apr 27, 2021
Nomura Holdings Inc. will book ¥313 billion ($2.9 billion) in losses tied to the collapse of Archegos Capital Management, as Japan’s biggest brokerage vows to strengthen its risk management in the wake of the debacle.
Of the total, ¥245.7 billion ($2.3 billion) was logged in the three months ended March 31, leading to a quarterly net loss of ¥155.4 billion its biggest since 2009. The remaining ¥62 billion will be booked in the current fiscal year, the Tokyo-based company said in a presentation Tuesday.
Nomura has exited over 97% of its positions with a U.S. client that Bloomberg understands to be Bill Hwang’s family office.
China Is Already Tapering Stimulus With Drop in Bond Sales
Bloomberg 2 hrs ago
China’s local authorities have slowed the pace of debt sales to finance infrastructure projects this year, evidence of a gradual tightening of fiscal policy as the government shifts its focus toward risk control.
Local governments have sold or plan to sell 222.7 billion yuan ($34.3 billion) of so-called special bonds in January to April to fund shanty town renovations, highways and other infrastructure investment, according to data compiled by Bloomberg. That’s a sharp decline from 729.6 billion yuan of debt sold in the same period in 2019 and 1.15 trillion yuan in 2020.