Nomura cuts pay

money cuts

Nomura Holdings has cut pay for its top executives by 18% to the lowest level in three years after profit at Japan’s biggest brokerage slumped and losses abroad swelled.

Bloomberg News reports that the seven executives, including CEO Koji Nagai, were awarded an average of $1.5m in base salary, bonuses and deferred remuneration for the year ended March, according to calculations based on a document disclosed for shareholders Tuesday. Local competitor Daiwa Securities increased executives’ pay by 9.2%, bringing it closer to Nomura’s.

The drop in compensation at Nomura came after net income fell 42% to a three-year low of $1.2bn as the firm failed to achieve a goal of returning overseas operations to profit. Nagai, 57, reshuffled his executive team earlier this year before unveiling cost-cutting measures including plans to pull back from European equities and reduce its U.S. stocks business.

To access the complete Bloomberg News article hit the link below:

Nomura Cuts Executive Pay to 3-Year Low as Daiwa Increases

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