Chief Executive of Nomura Holdings Inc, Koji Nagai promises to bring back the company’s international division to profitability by March of 2015, according to an announcement Nagai made on Tuesday.
The direction the chief wishes to take will refocus its business model on the Asian market while responding more to the needs of their clients. Nomura is one of the top brokerage houses in Japan.
Due to the paradigm shift Nomura will be forced to set aside its other goal of becoming a global investment bank since the firm’s management will need to cut costs by approximately $1 billion. Nagai insisted however that Nomura intends to remain a global player.
“Our customer’s needs are strongly spreading outward and we need to stay global,” said Mr. Nagai.
Expectations are high for the company’s various regions to be bringing in profits by the fiscal year which ends in March of 2015. The company has a pre-tax goal of 50 billion yen ($639 million) at its offshore operations by March of 2016.
“We’ve been saying we want to become an investment bank centered on Asia, but I don’t think we’ll make huge profits there right away at all.”