Nomura Holdings’s profit fell for the third straight year since Kentaro Okuda became its chief executive officer, as market turmoil adds to headwinds for his turnaround.

Muted client sentiment and lackluster deal-making weighed on revenue at the Japanese brokerage while its overseas operations have now lost money in 10 out of the past 12 years, according to filings.

Meanwhile, it emerged the firm’s Frankfurt offices are being searched as part of a probe into the Cum-Ex tax dividend scandal.