NMR - Nomura stops cash prime brokerage services in U.S and Europe after Archegos

winhorse/iStock Unreleased via Getty ImagesShares of Nomura Holdings (([[NMR]] -2.6%)) drop as it decides to stop offering cash prime-brokerage services in the U.S and Europe following a ~$2.5B loss from the Archegos blowup in March, Bloomberg reports, citing people familiar with the matter.Nomura is giving clients about six months to find a new provider, citing people familiar with the matter.It will continue to have clients and try to offer some cash prime-brokerage services in Europe and the U.S. by using other products. Meanwhile, there's no change to Nomura's prime-brokerage business in Asia including Japan, one of the people told Bloomberg.CEO Kentaro Okuda has been trying to expand business in the U.S. by naming Wall Street veteran Christopher Wilcox co-head of its Americas unit and pledged to add non-Japanese outside directors.In addition to hiring a law firm to review what happened regarding Archegos, Nomura suspended some senior executives at its investment

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Nomura stops cash prime brokerage services in U.S and Europe after Archegos