TOKYO -- Japan's Nomura Holdings Inc. announced Monday its exit from the U.S. market for mortgage-backed securities after suffering large losses because of the subprime loan crisis.
Nomura Holdings Inc., Japan's biggest securities firm, said it would slash 400 jobs, or 30 percent of the workforce, at its U.S. operations due to the U.S. mortgage woes, which wreaked havoc on global markets in August.
The company said it expected to post a pre-tax loss of up to 60 billion yen (US$511 million) for the fiscal second quarter because of restructuring charges and a 73-billion-yen loss from the subprime debacle.
"Nomura has faced challenges in the U.S. residential mortgage-backed securities market which have led to these disappointing results," said chief executive Nobuyuki Koga.
"However, we have moved decisively to deal with the issue and have avoided further and protracted losses by taking firm and immediate action. This draws a line under the residential mortgage-backed securities problem," he added.
Nomura said it had reduced its exposure to U.S. residential mortgages from 266 billion yen (US$2.3 billion) in June to just 14 billion yen currently, about 100 million yen of which is subprime related.
Subprime loans flourished in the U.S. during the last part of the housing boom, providing mortgages to people with poor credit histories, often allowing them to buy homes beyond their means.
Higher repayment costs are now causing rising delinquencies and investors are reassessing their exposure to risky assets such as mortgage-backed securities.
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東京-- 日本的Nomura Holdings Inc. 宣佈星期一它會退出美國市場的抵押保證證券,在遭受重大損失之後因為次房貸危機。Nomura Holdings Inc., 日本最大的證券公司, 說它會大幅度對它在美國的公司削減400 個工作, 或30％的員工由於美國抵押陰霾,這陰霾在八月對全球性市場造成破壞。
"Nomura 在美國住宅抵押保證證券市場面對了挑選，這導致了另人失望的結果," 首席執行官Nobuyuki Koga 說。
"然而, 我們果斷地處理了問題和進一步避免更多的損失藉著堅持和立即的行動。這為住宅抵押保證的證券問題畫了條線, "他再說。
Nomura 認為它己經降低暴露在美國住宅抵押貸款從六月的266億日元(US$2.3億)到現在的14億日元, 大約1億日元是跟次級房貸有關。
次級房貸在美國的興盛是由於後期房屋景氣好的期間, 提供貸款給那些信用不佳的人, 通常允許他們買房子超過他們的能力範圍。