If you wait around long enough, you will observe another retreat by Nomura from trying to transform itself from a dominant retail stockbroker in Japan into a global investment bank.
The latest example comes after an insider trading scandal that led to the replacement of its senior executives. Nomura is already signalling clearly that it is turning its back on the latest expansion, which dates from 2008.
This time, Nomura tried to use the acquisition of the Asian and European operations of Lehman Brothers to march on to the global stage. However, it has not come to much more than its experiments with US commercial real estate securitisation in the 1990s and sub-prime mortgages in the 2000s.