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Nomura Revisted

September 7, 2012

Since our piece last year (The terrible credit story of Nomura, most of our fears about Nomura have come true.  The Japanese bank took a $1 billion charge last year, and another $ 1 billion charge will be taken soon, mostly to undo the damage from the Lehman takeover (it reminds us of a chap who spent $ 1 million to figure out who his ancestors were, and then, when he found out, spent $ 2 million to hush it up).   The stars of Lehman Brothers on whom Nomura spent a great deal to retain, have now been requested to perform their wonders elsewhere.

Now that Nomura has hit mother earth with a thud, we are inclined to take a relook at the company’s credit story.    In particular the focus on Japan (and a bit of extracurricular dabbling in the rest of Asia) might make profitability not an unachievable dream in the near future. 

Soon, we will revisit Deutsche Bank with a thorough analysis, since our last piece in early 2011 (  We will also revisit our analysis of the German banking system (


From → Credit Analysis

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