SMBC Nikko president to resign over trading scandal

Economy Society

SMBC Nikko Securities Inc. President Yuichiro Kondo on Friday expressed his intention to resign once he finishes leading the brokerage's revamp efforts following a market manipulation scandal that caused former executives to be indicted. "I would like to step down to take responsibility once the company gets back on track," Kondo told a press conference without giving any time frame. "I apologize from the bottom of my heart for having betrayed everyone's trust." SMBC Nikko and its parent Sumitomo Mitsui Financial Group Inc. also announced pay cuts for their leadership, with Kondo passing up an...

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