ARCHEGOS FIASCO BLUNTS NOMURA BID TO JOIN WALL STREET ELITE
News of the blowup spread through financial circles in Tokyo to the pulse of a familiar refrain: not again.
Nomura Holdings Inc. had run into trouble far from home, this time, with the giant implosion of Archegos Capital Management in New York.
Few institutions have been as humbled by the Archegos debacle as Nomura, the forever-striving giant of Japanese finance, Takashi Nakamichi reported for Bloomberg News.
The question now is how, or perhaps whether, Nomura can shake off this latest blow and press on with its global ambitions.
Analysts wonder if heads will roll over the Archegos losses or if Nomura will quit certain businesses.
Whatever happens, breaking into the big leagues in New York looks as daunting as ever, for a brokerage that’s been eyeing Wall Street ever since founder Tokushichi Nomura first toured the city in 1908.
“Nomura has yet to be able to join the Wall Street club,” said Hideyasu Ban, a finance analyst at Jefferies Financial Group Inc. in Tokyo. “Even those well-established financial firms in the European continent haven’t had many successes in the US.”