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.