April 25, 2019 / 6:14 AM / 9 months ago

Japan's Nomura posts net loss of $897 mln, first annual shortfall in a decade

TOKYO, April 25 (Reuters) - Japan’s Nomura Holdings Inc on Thursday posted a net loss of 100.4 billion yen ($897 million), its first annual shortfall in a decade, as the investment bank struggles to right its wholesale business and drastically pare back costs.

The result compared with an average estimated net loss of 81.4 billion yen in the year ended March, according to a poll of seven analysts by Refinitiv.

In the January-March fourth quarter, Japan’s biggest investment bank and brokerage posted a net profit of 800 million yen, versus 22.7 billion yen a year earlier.

Nomura this month announced a sweeping restructuring plan that includes cutting $1 billion in costs from its wholesale business and shutting more than 30 of 156 domestic retail branches. ($1 = 111.9300 yen)

Reporting by Takashi Umekawa; Editing by David Dolan and Christopher Cushing

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