Although we faced a challenging second quarter due to the Euro Zone Debt Crisis, business rebounded in the second half of a year and we are profitable on a full-year basis. Our $1.2 billion cost reduction program is progressing on schedule. And in anticipation of tighter regulation, we have reduced risk-weighted assets and strengthened our risk management.As I said on the call last quarter, the effects of the downgrade by Moody's has been limited in terms of posting additional collateral trading revenues and funding costs. Looking ahead, we will maintain our robust financial position and abundant liquidity while focusing on serving our clients as Asia's global investment bank.
Nomura Holdings's CEO Discusses F4Q12 Results - Earnings Call Transcript
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