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Nomura Holdings Inc. raised its pretax income target for the financial year ending March 2023 by 14%, with the bulk of growth expected to come from its wholesale division as it moves on from the implosion of Archegos Capital Management.

Japan’s biggest brokerage expects pretax income at its retail, investment management and wholesale divisions to rise to ¥320 billion, up from a May 2020 target of ¥280 billion, Chief Executive Officer Kentaro Okuda said in a speech on Wednesday.

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