Nomura Holdings Inc. Chief Executive Officer Kenichi Watanabe said Friday that he will take a pay cut after a committee said management was partly to blame for an insider trading incident at the nation's largest securities firm.
Watanabe, 55, will take a 30 percent pay reduction for three months, he said at a briefing in Tokyo. Inadequate personnel management contributed to the insider trading, which led to a former Nomura employee being charged by Tokyo prosecutors, a special committee appointed by the firm said separately in a report.
"Nomura lacked awareness of the risk factor that human resources can pose in its global operations," said the report released Friday. "The insider incident not only drained Nomura's reputation; it also reduced the trust in capital markets."