According to figures provided by a number of banks, 14 international banks made losses in Japan last year. The biggest loser was Merrill Lynch, who lost around $500m and were forced to scale back its retail operations in the country after losses of $200m in that part of the business alone.
CSFB, Lehman and UBS each lost around $150m in Japan last year, JP Morgan and Dresdner around $90m each, Societe Generale $45m and Deutsche around $13m.
Only Nikko Salomon Smith Barney, Morgan Stanley, Goldman and BNP made money in that neck of the woods last year.
Japan Costly For Investment Banks
The FT reports that several top investment banks have lost their shirts in Japan this year. A dire equity market, a dearth of M & A activity and stiff penalties from the regulators have conspired to make life difficult even for the very best.
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