Nomura Tumbles Most in Three Months After 97% Profit Drop

  • Losses tied to US asset management firm hit earnings again
  • CEO Kentaro Okuda has pledged to diversify broker’s business
WATCH: Nomura Holdings Inc., Japan’s largest brokerage, posts a 97% plunge in profit. Russell Ward reports.Source: Bloomberg
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Nomura Holdings Inc. shares sank the most in more than three months after reporting earnings that barely eked out a profit, adding urgency to Chief Executive Officer Kentaro Okuda’s plans to diversify Japan’s largest brokerage.

The stock fell as much as 5.7% on Thursday in Tokyo before paring some of the decline. That’s the sharpest intraday drop since April 27. Losses tied to American Century Investments, a US asset manager in which Nomura holds a stake, weighed on results for the second consecutive quarter.