Nomura Holdings Inc.¡¯s chief executive officer was having a bumper inaugural year in charge ¡ª until a U.S. family office spoiled the party.
Just days before Kentaro Okuda¡¯s first anniversary as head of Japan¡¯s biggest brokerage, the company warned of a ¡°significant¡± loss from an unnamed U.S. client. That¡¯s tied to the massive unwinding of leveraged bets by Bill Hwang¡¯s Archegos Capital Management, according to people familiar with the matter.
The debacle triggered a record 16% drop in Nomura¡¯s shares Monday, wiping $3.5 billion from its market value and threatening a turnaround executives had hoped would herald a new era of more sustainable profits.
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