America isn't the only place where big financial firms get into trouble. Nomura Securities has had a spate of bad goings on of late and people don't think they're out of the doghouse yet. See below for more.
野村、顧客離れなど業績影 響も 問われる新経営陣の 手腕
2012.8.3 21:06
野村証券が金融庁から業務改善命令を受 けたことで、公募増資に関わる一連のイン サイダー取引問題は、一つの区切りを迎え た。今後は、再発防止策の実行と信頼確 保が問われるが、顧客離れなど業績影響は 避けられない見通し。今月１日に持ち株会 社、野村ホールディングス（ＨＤ）のグ ループ最高経営責任者（ＣＥＯ）に就任 した永井浩二氏ら新経営陣は、情報管理の 徹底と業績回復の両立を急ぐ。
渡部賢一ＣＥＯが７月３１日付で辞任 し、「自浄作用が発揮された」（松下忠洋 金融担当相）として、業績に大きなダメー ジを与えると懸念された業務停止命令は回 避された。
野村は業務改善命令に対してコメントを 発表し、「厳粛に受け止め、改めて心より おわびする。内部管理態勢の一層の充実を 図り、再発の防止および信頼回復に向けて 取り組む」と謝罪した。
ただ、道のりは平坦（へいたん）ではな い。行政処分を受けた証券会社との取引を 避ける内規がある企業や機関投資家は多 く、影響が広がる可能性が高い。
野村はすでに、日本政策投資銀行の財投 機関債や、日本たばこ産業（ＪＴ）の政府 保有株売り出しなどの主幹事から除外され た。３日に東証が承認した日本航空の再上 場という大型案件でも、主幹事証券７社を 統括する業務から外された。
この日、出そろった大手証券５社の平 成２４年４～６月期決算でも、野村ＨＤは 最終利益が前年同期比８９・４％減の１８ 億円で最下位。業績低迷の中でトップが 引責辞任し、「信用力評価の上ではマイナ ス」（大手格付け会社）。同社は「野村を 根底から作り直す」（永井ＣＥＯ）として いるが、繰り返す不祥事に対する市場や 企業の不信感払拭は容易ではない。
http://sankei.jp.msn.com/economy/news/120803/fnc12080321070014-n1.htm
Performance impacts from customer departures raise questions about the ability of new management at Nomura
Nomura Securities received was instructed by the Financial Services Agency to improve business processes, a welcome break after a series of problems related to insider trading connected with public offerings. Its ability to prevent a reoccurrence and ability to maintain trust have been questioned, and customer departures and performance impacts seem inevitable. On the first of this month, the newly minted CEO of Nomura Holdings, Koji Nagai and his new management team hurried to balance thorough information administration with business recovery.
Kenichi Watanabe, the former CEO, retired on July 31. Finance Minister Tadahiro Matsushita explained that Nomura had avoided an order to cease operations that would have severely damaged business performance by demonstrating self-purification.
With regard to the business improvement order, Nomura posted comments, “We received it with all seriousness and sincerely apologize. We are striving to further strengthen our internal controls preparedness, aiming to prevent a reoccurrence and restore our trustworthiness.”
That said, the way forward will not be easy. There are many companies and institutional investors that have internal rules against dealing with securities companies that have received regulatory sanctions, and the likelihood of this impact spreading is quite high.
Nomura has already been removed from its lead underwriting role in the issue of FILP Agency Bonds by the Development Bank of Japan and the sale of government owned shares of Japan Tobacco. They have also been removed from among the 7 lead securities companies overseeing the reissue of JAL shares that was approved by the Tokyo Stock Exchange on the 3 rd .
Furthermore, of the five big securities companies that announced April-June 2012 quarterly earnings, Nomura Holdings had the lowest with 1.8 billion yen, an 89.4% decrease from the same period last year. Several ratings agencies noted that the former CEO taking responsibility and resigning in the midst of weak performance was a negative in evaluating Nomura’s creditworthiness. They further commented, “CEO Nagai is promising to rebuild Nomura from the ground up, but dispelling distrust in the marketplace and among companies based on these repeated scandals will be no easy task.”
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