Nomura Holdings, Japan’s largest investment bank and securities firm, is tightening risk management for its cryptocurrency business following losses in Europe that were partly related to the downturn in digital asset markets.
Chief Financial Officer Hiroyuki Moriuchi made comments during a conference call on Friday, noting that the measures are aimed at reducing short-term earnings volatility. Despite reducing its exposure to digital assets, the company remains committed to cryptocurrencies for the long term.
Nomura reported a lower quarterly profit as losses from its European business and special charges related to the acquisition of Macquarie Group weighed on results, offsetting gains in trading and wealth management.
Nomura has expanded its global wealth management footprint with the $1.8 billion acquisition of Macquarie Group’s US and European public wealth management businesses.
The company is the parent company of digital asset arm Laser Digital and is seeking approval to operate as a federally chartered bank in the United States.
