Nomura chief steps down following insider-trading scandal
July 27 , 2012
The chief executive of Japan's Nomura Holdings has stepped down in the wake of an insider-trading scandal at the investment bank.
Kenichi Watanabe will leave his post on July 31 along with chief operating officer Takumi Shibata.
It is claimed that staff leaked information on share offerings to customers before it was made public.
The resignations came the same day as the bank posted an 89.4 percent drop in net profit in the fiscal first quarter to $24.19 million compared to the previous year.
Koji Nagai, president of Nomura Securities, the domestic brokerage, will replace Watanabe.