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Shinsei Bank has revised its group earnings forecast for the fourth time, reflecting the volatility of its businesses and deterioration in the overall market environment. Shinsei, 32.6% owned by a group of investors led by JC Flowers, the US buy-out firm, said Thursday it expected group net income to total Y60.1bn ($579m) against an earlier forecast of Y65bn. The bank, acquired after its nationalisation by US buy-out firm Ripplewood, has revised down its forecast three times and sold its headquarters in central Tokyo for $118m. The latest revision stems from additional reserves in connection with business loans, it said. The question, says the FT’s World View column, is how Shinsei will weather the grim outlook for this year as it exhausts options for plugging any new holes that open up.