Nomura Holdings a casualty of U.S. subprime crisis |
| International Herald Tribune - Oct 15, 2007 |
Nomura Holdings, the largest Japanese brokerage, said Monday that it would shut down its mortgage-backed securities business in the United States, the latest casualty of the subprime mortgage crisis that is rippling across the globe.
The securities company said that it would post its first quarterly pretax loss in more than four years after losing ¥73 billion, or $620 million, on U.S. home loans.
Nomura will cut 400 jobs in the United States and report a ¥40 billion to ¥60 billion pretax loss for the fiscal second quarter, it said in a statement to the Tokyo Stock Exchange. It will record ¥15 billion in costs related to closing the U.S. residential mortgage division.
Read Full Article from International Herald Tribune
- Posted: 2007-10-15 10:13:12
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