Nomura Seeks to Double Profit, Make Wholesale Arm Pay Its Way

Nomura Holdings Inc. unveiled plans to almost double profit by the end of the decade, in part by making its key wholesale division finance its own operations and shifting resources to areas where it wants to grow.

Japan’s biggest brokerage seeks to generate income before taxes of more than ¥500 billion ($3.2 billion) by the year ending March 2031, Chief Executive Officer Kentaro Okuda said in a presentation to investors on Tuesday, as it tries to cement an earnings revival. The wholesale business — which does trading and investment banking — needs to sustain growth based on “self-funding,” he said. ...