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The Tokyo headquarters of Nomura.
The Tokyo headquarters of Nomura.
(Toru Hanai/REUTERS)

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Nomura may need to ditch pruning shears and get out axe

Nomura is still limping its way to post-crisis normality. Buoyant fixed-income trading revenue and a better performance in the United States in the latest quarter challenge the notion that the Japanese group is retreating to its domestic stock-broking roots. However, as the investment banking industry reshapes, new chief executive officer Koji Nagai still has to prove he can prune his way to better returns.