Profits at Nomura's wholesale banking business plunged 70% in the last quarter, dragged down by falling revenues generated outside its home market in Japan.

The bank today reported pre-tax profits for wholesale of ¥14bn ($127.7m) in the three months to the end of December — its fiscal third quarter. Revenues at the division, which houses Nomura's investment banking and sales and trading businesses, fell 16% to ¥165.6bn.