Reports: Nomura CEO to resign over insider trading scandal at Japan’s biggest brokerage

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Nomura Securities Co. President Koji Nagai, left, and Nomura Holdings Ltd. CEO Kenichi Watanabe listen to a reporter\'s questions during a press conference in Tokyo Thursday, July 26, 2012. Watanabe announced his resignation in the wake of an insider trading scandal that has tarnished the reputation of Japan Inc. and its biggest investment bank. Watanabe will from Aug. 1 be replaced by Nagai. (AP Photo/Shizuo Kambayashi)

TOKYO – Japanese media say Nomura Holdings’ CEO Kenichi Watanabe will resign to take responsibility for an insider trading scandal at Japan’s biggest investment bank.

The Nikkei newspaper and Kyodo News agency said Thursday that Watanabe and the company’s chief operating officer would quit, but company officials declined to comment on the reports.

Watanabe is scheduled to address a 6 p.m. news conference at Nomura’s Tokyo headquarters.

Japan’s financial regulators are investigating the company’s investment arm, Nomura Securities Co., for leaking information to clients ahead of planned securities offerings by energy company Inpex, Mizuho Financial Group and Tokyo Electric Power Co. in 2010.

A panel of external lawyers commissioned by Nomura said in a June 29 report that information had repeatedly been leaked by Nomura sales staff.

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