Daiwa Securities Group Inc. Chief Executive Officer Takashi Hibino was paid more than his counterpart at larger Japanese competitor Nomura Holdings Inc. for the first time in three years.
Hibino’s total compensation including salary, stock options and bonuses was unchanged at 281 million yen ($2.7 million) in the year ended March 31, a regulatory filing showed Wednesday. Nomura CEO Koji Nagai took a 26 percent pay cut to 244 million yen, according to a company filing.
Compensation for Hibino was unchanged even after annual earnings at Japan’s second-biggest brokerage dropped to a three-year low. Both Tokyo-based firms have been cutting costs to stem losses abroad, including in Europe. Their shares have fallen more than those of competitors in Asia since the U.K.’s vote to leave the European Union last week further clouded the outlook for business in the region.
Shares of Daiwa fell 28 percent this year, while Nomura plunged 47 percent.