Japan

Nomura to Exit U.S. RMBS Biz; 1,300 Jobs to be Cut 

Nomura Holdings, Inc. — Japan’s largest investment bank — said today it will exit the US residential mortgage-backed securities business amid “disappointing results.” The company said it reduced its exposure to the RMBS market by nearly $2 billion (48.0 billion yen) during the second quarter, and that only $119 million (14.0 billion yen) remains of the company’s residential mortgage securities holdings.