ISBN 0-324-03341-9
There is no Case Teaching Package available for this case.
Length
This case is
10 pages in length.
Abstract
Organized in its modern form on Christmas Day, 1925, Nomura Securities has risen from its modest Osaka roots to become the undisputed leader of the "Big Four" Japanese securities firms-whose other members are Daiwa, Nikko, and Yamaichi.
But problems developed in the Japanese securities industry in the early 1990s that shattered profits and ushered in great changes. Soon Japan was engulfed in the bankruptcies of financial and property market speculators, both corporate and individual. The bankruptcies revealed a seemingly continuous stream of illegal or improper financial behavior on the part of major banks and brokerages. The public clamored for reforms. The period was comparable to the early 1930s in America when, following a crash of financial markets, reforms and market-driven industry reorganization came to be instituted, reforms that would affect the U.S. securities industry for the next sixty years.
Study Question:
- Contrast Nomura with its leading international competitors.
- What factors enhance or limit Nomura's ability to become a global banking leader in the next decade?
- What might Nomura do to minimize the effect of these constraints?
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