Nomura’s insider trading disgrace has led not just to a monumental management shake-up but it might actually consign the firm to history.

Rumours were starting to swirl on Thursday that Bank of Tokyo-Mitsubishi UFJ (BTMU) could be priming a takeover bid in order mainly to gain control of Nomura’s fabled retail distribution network, at a time when Nomura’s stock price has been hammered and is trading around 38% off its yearly highs.

If a bid were to materialise, it’s likely that BTMU would shutter Nomura’s wholesale division and rely for institutional business on existing arrangements, including its Mitsubishi UFJ Morgan Stanley Securities joint venture.

Source: Reuters