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Nomura shares rise 5% on reports that CEO will resign Nomura chief resigns following insider-trading scandal
(about 3 hours later)
Shares of Japanese bank Nomura, have risen after reports that Chief Executive Kenichi Watanabe and Chief Operating Officer Takumi Shibata are set to resign. The chief executive of Japan's Nomura Holdings has resigned following a damaging insider-trading scandal.
According to media reports, they are stepping down after Nomura was caught up in an insider trading scandal. Kenichi Watanabe will step down on 31 July, bowing to pressure after Nomura was caught up in the scandal. Chief operating officer Takumi Shibata will also leave his post.
It is alleged that some Nomura staff leaked information on share offerings to customers before it was made public. It is alleged that staff leaked information on share offerings to customers before it was made public.
Nomura shares rose more than 5% in Tokyo on the news.Nomura shares rose more than 5% in Tokyo on the news.
Last month, Nomura slashed the salaries of Mr Watanabe and Mr Shibata after an internal probe into the leaks. Mr Watanabe was docked half of his six-month salary, while Mr Shibata was hit for half of his five-month salary. The resignations came the same day as the bank reported a 89.4% drop in net profit in the first quarter of its financial year to 1.89bn yen ($24.19m; £15.60m).
It also admitted that some of its staff leaked sensitive information on planned share offerings by energy firm Inpex, Mizuho Financial Group and Tokyo Electric Power in 2010. Revenue was up 12% from a year earlier to 369.3bn yen.
'Last straw'
Koji Nagai, president of Nomura Securities, the domestic brokerage, will replace Mr Watanabe as the new head of the group.
Japan's largest investment bank by revenues also appointed Atsushi Yoshikawa, head of US operations, as is new chief operating officer.
Last month, Nomura cut the salaries of Mr Watanabe and Mr Shibata after an internal probe into the leaks.
Mr Watanabe was docked half of his six-month salary, while Mr Shibata was hit for half of his five-month salary.
The bank also admitted that some of its staff leaked sensitive information on planned share offerings by energy firm Inpex, Mizuho Financial Group and Tokyo Electric Power in 2010.
But on Thursday, Nomura said it was highly possible that there were more cases of insider trading than the three already identified.
"When you look at their history, the number of scandals, this was the last straw," said Jim Sinegal, an analyst with research firm Morningstar."When you look at their history, the number of scandals, this was the last straw," said Jim Sinegal, an analyst with research firm Morningstar.