NOMURA HOLDINGS Business Summary

Nomura Holdings Inc. is Japan’s premier financial services group, operating a diversified business model that generates revenue through brokerage commissions, asset management fees, underwriting spreads, and net interest income. The firm is structured into four primary segments: Wealth Management, which serves individual and corporate clients; Investment Management, focused on asset management and alternative investments; Wholesale, encompassing Global Markets and Investment Banking; and a newly established Banking division. Following the late 2025 acquisition of Macquarie Group’s public asset management business, Nomura has significantly expanded its international footprint and recurring revenue base, maintaining a return on equity (ROE) above 10%. Its primary competitors include domestic rivals Daiwa Securities and Mitsubishi UFJ Financial Group (MUFG), as well as global bulge-bracket firms like Goldman Sachs and Morgan Stanley. Nomura maintains a dominant lead in the Japanese retail market while positioning itself as a key bridge between Eastern and Western capital markets. Founded in 1925 by Tokushichi Nomura II, the company is currently led by President and Group CEO Kentaro Okuda, who has spearheaded the firm's pivot toward private markets and digital transformation. The executive leadership team includes Hiroyuki Moriuchi as Chief Financial Officer and Takumi Kitamura, who serves as Chief Transformation Officer (CTO) overseeing the group’s strategic evolution. Christopher Willcox leads the Wholesale division and serves as Chairman of Investment Management, while Patrick Eltridge acts as Chief Information Officer (CIO). The firm’s governance is overseen by a Board of Directors chaired by Koji Nagai, with notable independent directors such as Takahisa Takahara and Taku Oshima. Nomura’s institutional stability is supported by major shareholders including The Master Trust Bank of Japan and Custody Bank of Japan, alongside a strategic focus on integrating AI and fintech through its dedicated Digital Company initiative.