Japan’s largest brokerage Nomura is to close its commodities and energy desks. Tokyo, London and Singapore may be impacted by the move. Nomura acquired the commodities business following its acquisition from Lehman Brothers during the financial crisis.
It is thought that the closure is to stem losses from the commodities and energy desks. Nomura had recently forecast that oil prices could reach $220 per barrel due to the situation in the Middle East.