Wholesale

The Wholesale division spans Fixed Income, Equities, Investment Banking and other non-retail businesses in Japan, Asia-Pacific, EMEA and the Americas.

Our aim is to be consistently ranked among the world's leading investment banks, to be globally competitive and to deliver sustainable profits in the areas in which we choose to compete. Our clear strategy is centered around our truly global capabilities, nimble approach, targeted focus, and the innovation of our people and ideas in partnership with clients.

Overview

We have a unique culture which is aligned to deliver profitable growth as its core objective. We have a clear strategy, driven by a new leadership team, to monetize our investments and increase productivity. We compete to win where we have a strategic advantage in terms of product knowledge and a deep understanding of the local market. Most importantly, we have deep-seated relationships with some of the world's most sought-after clients, not only in Japan where we command dominant market share, but also with international clients who are increasingly turning to us for our advice and proven capabilities.

Fixed Income

Our Rates businesses are gaining in global strength, posting nearly 20 percent growth in customer revenues in 2010, and we are budgeting for continued gains in 2011 through an expanded product offering and deeper client penetration. We also aim to build upon the success of our structured expertise and securitized product offerings, which are clear examples of how we leverage our innovative ideas, global capabilities and client relationships to grow a profitable business.

Equities

Our top-ranked thought leadership in research opens doors to fee pools where we do not have to compete to gain market share, while we lead the industry in electronic trading and remain the top liquidity provider on the Tokyo Stock Exchange and London Stock Exchange. We are also targeting significant gains in derivatives, which is among the biggest growth opportunities in the industry worldwide.

Investment Banking

We are increasingly involved in many of the world's largest deals, such as International Power's €16 billion takeover of GDF Suez in 2010, and we have a fully integrated platform to provide our clients with M&A, capital raising and derivative-driven solutions.