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| Japan's largest securities company Nomura exits US business Tokyo-based Nomura Holdings, Inc., a global financial services group, exits from the US residential mortgage-backed securities (RMBS) market. During the second quarter the company moved aggressively to reduce its US Residential Mortgage exposure from 266 billion yen (US$2.3 billion) to approximately 48.0 billion yen (US$409 million). Nomura's remaining Residential Mortgage exposure now stand at just 14.0 billion yen (US$119 million). Nomura expects to cut regional headcount from about 1,300 at the end of March to about 900, and to reduce annual expenses by approximately 25 billion yen (US$213 million). The restructuring will result in a total charge of about 15 billion yen (US$128 million). Of this, approximately 10 billion yen (US$85 million) will be booked in the second quarter on top of losses from the RMBS business of around 73 billion yen (US$621 million). As a result, Nomura expects to post a consolidated pre-tax loss in the second quarter of around 40 billion-60 billion yen (US$340 million-US$511 million). write your comments about the article :: © 2007 Construction News :: home page |