by The Compliance Exchange on June 29, 2012
Nomura Holdings Inc., Japan’s biggest brokerage, said it will cut top executives’ pay and suspend some operations following an internal probe into leaked information amid a government crackdown on insider trading.
Chief Executive Officer Kenichi Watanabe’s pay will be cut by 50 percent for six months, while Chief Operating Officer Takumi Shibata’s compensation will be reduced for five months, the Tokyo-based company said in a statement today. The institutional equity sales department will halt business for five days from July 2, it said.
Watanabe, 59, is under pressure to explain how his employees leaked information that third parties used for trading ahead of share sales managed by Nomura in 2010. An internal investigation found that some employees appeared to be “willing to do anything to meet sales targets,” according to the report released today.
Want a daily digest of articles like this one, plus the latest compliance jobs at top-tier organizations? Join 40,000 other compliance, risk governance, and regulatory professionals and subscribe to our free afternoon newsletter.