Nomura Holdings Inc.’s profit slumped as a $343 million provision for an ongoing legal case dealt yet another blow to the brokerage that’s just recovering from staggering losses linked to the collapse of Archegos Capital Management LP.
Net income dropped 95% to ¥3.21 billion ($28.2 million) in the three months ending Sept. 30 after the firm set aside more than ¥30 billion for the transaction in the U.S. that dates back to before the global financial crisis.
"We are ashamed,” Chief Financial Officer Takumi Kitamura said during an earnings briefing on Friday. "It is very disappointing.”