Nomura Axes Cash Prime Brokerage in U.S., Europe

Nomura has been facing financial challenges after losing $3 billion in a recent saga. The company is pulling back from its hedge fund business in the US and Europe, ceasing cash prime brokerage services. This move is expected to have a muted impact on earnings due to the small revenue share from these regions. However, it could damage future relationships. Nomura's founder has long aimed to break into Wall Street, and the current CEO is focused on expanding in the US. Despite setbacks, Nomura is seeking new strategies to achieve its US ambitions.

What was the key plank for the CEO's strategy to expand the business in the US?

What challenges will the company face in fulfilling their US ambitions?