Nomura has increased pay for its employees and senior executives in Europe over the course of the past year, despite shuttering its UK equities business in April 2016 and slashing around 500-600 staff in London.
The Japanese bank has just released its accounts for its international business during the year to March 2017 on Companies House. Nomura International made another loss for the 12-month period, but stemmed it from $722.8m (£546m) in 2016 to $42.2m this year.
The improved performance meant that Nomura paid its EMEA-based staff an average of $320.7k (£240k) this year, up from $300.5k on a pay per head basis in 2016.
Nomura reduced staff, however, and the UK operation was at the sharp end of the cuts. It had 2,468 London employees in March 2016, a figure which shrank to 2,166 people this year. In April 2016, Nomura said that it was exiting equity research, flow and equity derivatives and equity capital markets underwriting in Europe, which would eliminate up to 600 jobs.
Nomura spent $88m in restructuring costs for its EMEA business, primarily on employee redundancy costs.
Nomura also currently has 117 employees in other European locations, up by four people on the previous year.
Across Nomura international, which includes sales and trading activities across fixed income and equities in EMEA, the bank made $1.8bn in trading profits – up from $1.3bn in 2016 – but expenses and taxation meant that it still made a $42m total loss for the year.
Nomura spent $4.1m on salaries for its directors in EMEA, up from $3.7m in 2016, but reduced bonus payments from $3.1m to $2.1m. Nonetheless, the highest paid director at the firm received $2.4m in the year to March 2017, up from $1.9m for the previous 12 months.
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