Nomura Holdings' profit sinks 76% as banking turmoil hits trading

Nomura Holdings’s profit fell as fixed income trading revenues were hit  by a spike in volatility in March and deal-making slumped on muted client activity. Net income slid 76 per cent from a year earlier in the three months ended March 31 to $55 million, Japan’s largest brokerage said in a statement on  Wednesday. The figure missed an average estimate of 38.5 billion yen. 

Frankfurt offices raided
 

Nomura ’s Frankfurt offices are being raided as part of a vast German probe into the Cum-Ex tax dividend scandal. A spokesman confirmed that prosecutors attended the offices  in connection with an investi-gation into historic transac-tions in German stock arou-nd the dividend record date.