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For years Nomura Holdings Inc has relied on an army of retail salespeople to peddle stocks and bonds to investors sitting on one of the world's largest pool of household savings, generating revenue even in the bleakest of markets.
But since the Covid-19 pandemic put a stop to in-person sales calls, Japan's biggest brokerage has lost a key advantage and its 7,000-strong sales force now faces an uncertain future.
The crisis has only deepened concerns about the viability of Nomura's business model, which is more reliant on retail broking than rivals. It's also being squeezed as online brokerages draw younger investors.
For the
