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NOMURA HOLDINGS, INC.

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Japan's Nomura to investigate Archegos-related loss -sources

04/08/2021 | 06:02am EDT

TOKYO, April 8 (Reuters) - Japan's Nomura has set up an internal team to investigate a possible $2 billion loss relating to Archegos Capital Management, two people familiar with the matter said.

Archegos, a New York investment fund run by ex-Tiger Asia manager Bill Hwang, collapsed last month when its debt-laden bets on media companies including ViacomCBS unravelled.

Nomura, Credit Suisse and other global banks, which acted as brokers for Archegos, scrambled to sell the shares they held as collateral and unwind the trades.

The loss incurred by Nomura has thrown Japan's biggest brokerage and investment bank's risk management into question and attracted scrutiny from the country's regulators.

Nomura plans to disclose details related to the loss, which it disclosed in March, later this month, possibly on April 27, one of the sources told Reuters.

The bank has set up the team to look into the bank's risk management practices, said the sources, who declined to be named as they were not authorised to speak to the media.

A spokesman for Nomura declined to comment.

Japanese regulators are heightening scrutiny of high-risk trades by financial firms in the wake of Archegos.

The securities unit of Japan's Mitsubishi UFJ Financial Group (MUFG) also said last month its loss related to an unnamed U.S. client was estimated at around $270 million.

A source said the client was Archegos.

(Reporting by Takashi Umekawa Editing by Sumeet Chatterjee, David Goodman and Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.00% 9.9 Delayed Quote.-14.02%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.22% 590.3 End-of-day quote.29.42%
NOMURA HOLDINGS, INC. -0.09% 582 End-of-day quote.6.79%
VIACOMCBS INC. 0.25% 39.35 Delayed Quote.5.61%
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Financials
Sales 2021 1 459 B 13 407 M 13 407 M
Net income 2021 250 B 2 301 M 2 301 M
Net Debt 2021 - - -
P/E ratio 2021 7,24x
Yield 2021 4,73%
Capitalization 1 781 B 16 361 M 16 363 M
Capi. / Sales 2021 1,22x
Capi. / Sales 2022 1,27x
Nbr of Employees 26 629
Free-Float 93,3%
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Mean consensus HOLD
Number of Analysts 11
Average target price 686,64 JPY
Last Close Price 582,00 JPY
Spread / Highest target 89,0%
Spread / Average Target 18,0%
Spread / Lowest Target -2,06%
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Managers and Directors
NameTitle
Kentaro Okuda Group Chief Executive Officer
Takumi Kitamura Chief Financial Officer & Executive Officer
Koji Nagai Chairman
Jun Yoshimura Executive Officer & Head-Group IT
Toshio Morita Group Co-Chief Operating Officer
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