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Nomura Holdings Inc.’s Kentaro Okuda was paid ¥320.4 million ($2.9 million) during his first year as chief executive officer that concluded with the implosion of Archegos Capital Management.

Okuda also received a ¥16 million housing allowance, according to an annual securities filing on Friday. That compares with the ¥422 million Okuda’s predecessor Koji Nagai was paid during his final year as CEO. Nagai, now the chairman of Japan’s largest brokerage, received ¥192.2 million in pay last year, according to the filing.

Nomura was among global banks shaken by the implosion in late March of Archegos, a little known U.S. investment firm set up to manage the fortune of trader Bill Hwang. The Japanese company suffered a $2.9 billion loss due to the saga, trailing only Credit Suisse Group AG. In April, the brokerage logged a fourth-quarter net loss of ¥155.4 billion, its biggest since the global financial crisis.

Before the Archegos collapse, Okuda, who became CEO in April 2020, had enjoyed a bumper inaugural year in charge. Net income had reached a 19-year high of ¥308.5 billion in the nine months ended December, driven by a boom in trading and investment banking at home and abroad.

Okuda later apologized to Nomura stockholders for the Archegos incident, but signaled he would persist with plans to build a presence in the U.S. even after the Archegos meltdown, saying there was no major change in the firm’s overall strategy for its wholesale business.

The brokerage has outlined what it calls “remedial measures” to rein in risks when catering to hedge funds. That includes reducing leverage to clients lacking a broader relationship with the firm.

Executives have privately predicted that Nomura’s reaction to the losses earlier this year would include shrinking the prime brokerage unit in Asia, and curtailing it more dramatically in the U.S. and Europe, Bloomberg has reported.

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