A slump in brokerage fees and increased costs pushed net income at Nomura Holdings, Japan's largest securities firm, down 80% to ¥8.3bn (€61m) in the three months ending June 30. Private equity losses rose twentyfold to ¥5.8bn, but asset management grew.

The firm's global markets division, which includes its fixed income and equity sales and trading operations, plunged from a pre-tax profit of ¥30.6bn to a ¥727m loss.