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Finance

Nomura reports 57% profit drop following Archegos debacle

Despite weaker results, analysts welcome shift to less volatile business

Nomura CEO Kentaro Okuda said in May that the prime brokerage service will be continued as part of a broader business with hedge funds. (Source photos by Tetsuya Kitayama and EPA/Jiji)

TOKYO -- Nomura reported on Friday a 57% fall in pretax profit for the April-June quarter, as the Japanese brokerage house looks to rebound from a massive loss on trades with Archegos Capital Management.

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