It had all been going so well.
Nomura has faced challenges for as long as anyone can remember. Domestically, its retail brokerage model is under considerable pressure, more exposed than any peer to a changing environment. Internationally, it has been fighting not only to build but to define a successful business model ever since taking over the Lehman Brothers assets in the aftermath of the global financial crisis.
But under chief executive Kentaro Okuda, things had been turning around.
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