Nomura faces pressure to cut costs after earnings fall 35%

Personnel expenses jump 14% as securities company hikes salaries to retain talent

20230503 Nomura

Takumi Kitamura, Nomura's chief financial officer: "Inflation has been a drag on costs." (Photo by Yoichi Iwata)

AKIRA KITADO, Nikkei staff writer

TOKYO -- Nomura Holdings, the largest Japanese securities company by revenue, is facing questions about its cost structure after a disappointing earnings report.

Nomura shares have fallen to their lowest level of the year after the company last week disclosed its net income dropped 35% to 92.8 billion yen ($682 million) for the fiscal year ending March 31.

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