Nomura Holdings Inc. cut pay for Chief Executive Officer Kenichi Watanabe and top executives by 38 percent last year after the brokerage posted a profit drop, according to documents sent to shareholders.
The nation's top brokerage cut total compensation for its top 10 executives to ¥899 million for the year that ended March 31, from ¥1.45 billion a year earlier, the documents posted on Nomura's website showed.
Watanabe and Chief Operating Officer Takumi Shibata oversaw a 58 percent profit decline to ¥28.7 billion for the year. The firm is yet to benefit from its 2008 purchase of Lehman Brothers Holdings Inc.'s Asian and European assets, with operations abroad posting four straight quarters of pretax losses.
The Tokyo-based company's executive pay packages include salary, bonuses and stock, according to the document. Keiko Sugai, a Nomura spokeswoman, declined to give a breakdown of individual pay or comment on the drop in compensation.
Shares of Nomura fell 37 percent in the 12 months to March 31 and are down about 71 percent since the company bought bankrupt Lehman's operations.
Goldman Sachs Group Inc. almost doubled compensation for Chairman and Chief Executive Officer Lloyd C. Blankfein to $19 million (¥1.5 billion) for 2010 even as earnings dropped 38 percent and the stock was little changed, the New York-based firm's proxy statement said in April.
Daiwa Securities Group Inc., Japan's second-largest brokerage, paid 14 top executives ¥537 million in the year to March 31, according to a document posted on its website Friday.