Daiwa’s China Venture May Take Longer to Make Profit, CEO Says

Daiwa Securities Group Inc. may need more time to achieve profit in China, according to the head of Japan’s second biggest brokerage, reflecting how investment banks continue to struggle on the mainland.

“It’s a bit questionable whether we will be able to make a profit in 2025,” Chief Executive Officer Akihiko Ogino said in an interview, tempering the firm’s earlier optimism that it might be able to turn around its joint venture brokerage in China as soon as next year. “The reality is that the pace of the Chinese market over the past year hasn’t been as good as expected.” ...