Otsuka's questions to Nomura Holdings Inc (NMR) leadership • Q1 2026
Question
Otsuka from ACBI Securities asked about Nomura's phishing scam compensation policy, comparing it to online brokers. He also questioned if a revenue slowdown was tied to a slower pace of policy-holding sales and sought to confirm if the strong IB pipeline was mainly in M&A.
Answer
CFO Hiroyuki Moriuchi explained Nomura's policy is 'restitution'—restoring a client's original position—rather than a fixed monetary compensation. He confirmed the pace of policy-holding sales is normalizing after a period of high activity. He also affirmed the strong Investment Banking pipeline is primarily in M&A advisory, with ECM being slower than last year.