Nomura Holdings Inc. said Tuesday its top executives' pay fell 55 percent in the year that ended March 31 as Japan's largest brokerage posted a record loss.

Chief Executive Officer Kenichi Watanabe, Deputy President Takumi Shibata and 18 other officials received an average of ¥41.5 million in compensation, compared with an average of ¥92.2 million for 13 executives a year earlier, according to a document Nomura sent to shareholders and posted on its Web site.

The document didn't list individual pay.

The compensation includes base salary and cash and stock bonuses, and the figure for the most recent fiscal year includes eight executives who retired during the year.

Nomura spokesman Tohru Namikawa confirmed the details of the document and said Nomura's executives may receive less compensation this fiscal year because the brokerage will skip cash bonuses.

Nomura posted a record ¥708.2 billion loss for the 12 months through March as tumbling stock markets slashed revenue and it spent more than $2 billion to integrate businesses acquired from Lehman Brothers Holdings Inc.

Nomura, which had 25,626 employees as of March 31, eliminated more than 2,000 positions between October and May.

The company will hold its general shareholders' meeting June 25.

"The environment surrounding the financial markets is expected to remain difficult," Watanabe said in the document.

Nomura, which didn't pay a fourth quarter dividend, hasn't provided an earnings forecast for the current fiscal year.

Daiwa Securities Group Inc., Japan's second-largest brokerage, said in a document to shareholders that Chief Executive Officer Shigeharu Suzuki and other 13 executives received an average of ¥40.5 million for the year, compared with an average of ¥56.4 million for 15 executives in the previous 12 months.