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Opinion

Nomura needs radical shake-up to become global player

Same old faces and practices suggest no appetite for far-reaching reform

| Japan
Cost-cutting is not enough to vault Nomura back into the global finance game.   © Reuters

If any Japan Inc. icon dramatizes the difficulty the nation's top names have thriving overseas, it is investment bank Nomura Holdings.

Three times over four decades, the giant has sought to grow abroad, but these efforts ended in disappointment. Fallout from the most recent foray, which included an ill-advised bet on bankrupt competitor Lehman Brothers' assets, dominated the final years of outgoing CEO Koji Nagai's tenure.

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