Nomura kept in red by Lehman burden

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The third quarter saw Nomura, which is axeing 1000 London jobs, still struggling to digest Lehman as bad loans mount and equity values plunge. A year before, it had profits of 21.8 billion yen.

The trading loss was 134.5 billion yen against a 65.1 billion yen profit a year earlier.

Chief executive Kenichi Watanabe says costs will rise to $2 billion (£1.45 billion) for the takeover of Lehman's Asian and European businesses, and says he has no idea when they will start to contribute earnings.

Revenue plunged 99% to 2.7 billion yen in the three months to December, with brokerage commissions down 29%. The company's shares are 33% lower than a year ago.

Lehman has also proved a poisoned chalice to Barclays, which bought the failed Wall Street firm's US business.

Nomura said last month it would fire up to 1000 employees in London, including former Lehman staff.