Japan's Nomura names Kentaro Okuda as new CEO to lead turnaround

A man walks next to a sign for Nomura Securities in Tokyo July 25, 2013. REUTERS/Yuya Shino

Nomura has picked joint operations chief Kentaro Okuda to lead a turnaround of Japan’s biggest brokerage and investment bank, taking over from chief executive Koji Nagai, who will become chairman.

The reshuffle was announced on Monday as Nomura posted its strongest quarterly profit in more than 17 years. The brokerage is in cost-cutting mode after last year recording its first annual loss in a decade.

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