Nomura needs a clean slate

Nomura's insider-trading scandal may have a silver lining: the new management has a chance to clean house and roll back overambitious plans to become a global investment-banking titan

The insider-trading scandal that cost Nomura's top two executives their jobs may have a silver lining: the new management has a chance to clean house and roll back overambitious plans to become a global investment banking titan on the back of 2008's acquisition of businesses from the collapsed Lehman Brothers.

New chief executive Koji Nagai plans to cut costs by a billion dollars, nearly half of that in Europe.

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