TOKYO :Nomura Holdings Inc, Japan's biggest brokerage and investment bank, on Wednesday reported a 96.5 per cent drop in first-quarter net profit as volatile financial markets battered its investment banking and asset management businesses.
Investment banking revenue fell 33 per cent as aggressive U.S. Federal Reserve interest rate rises and geopolitical tension rattled global financial markets and turned businesses cautious about stock and debt offerings. One bright spot was fixed-income trading, which benefited from higher volume as market volatility led investors to rebalance their portfolios.
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