NOMURA has written down by US$745m the value of the Instinet and Lehman Brothers businesses it bought more than a decade ago, helping drag the Japanese bank to its biggest quarterly loss in nine years. It was Nomura's second straight quarterly loss, prompting it to start a review of its wholesale business. "We will promptly review our business model. Especially on the wholesale business, we have already begun discussion and we will explain specifics shortly after the fourth-quarter earnings in April," CFO Takumi Kitamura told reporters at a briefing, Reuters reported. Some action is already being taken, and the bank cut about 45 jobs in its trading business last week as it streamlines in the face of tough trading conditions. The cuts were spread across all regions, and follow about 50 redundancies in London in July as the bank braced for a slower trading environment.
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