Junichi Ujiie, new president of Nomura Securities, claimed the scandal- tainted brokerage would be able to catch up with its foreign rivals in one to two years and might even overtake them in some fields. In a speech to employees, he said he would change Nomura into a company which always obeyed the law and acted with confidence and pride: "We need to do it now. This is our last chance. I will change Nomura with courage and conviction." Mr Ujiie took control of Nomura following a sweeping management shake- up, after prosecutors and Japan's securities watchdog launched an investigation of the brokerage for suspected illegal deals linked to corporate racketeers.