Nomura's loss on the unwinding of its exposure to Archegos Capital Management has come at a rather awkward moment for traders at the Japanese bank. While most European and all U.S. banks have already paid bonuses for last fiscal year, Nomura's fiscal year ended only yesterday - two days after the bank announced the "possible loss" of $2bn, seemingly courtesy of Bill Hwang. Nomura's bonuses are typically announced in May, so the Japanese bank now has an entire month to recalibrate the bonus pool for its wholesale banking division. After an excellent year – at least until March 29 th – traders at the bank will have been hopeful that they would get paid. Nomura declined to comment on likely impact of the $2bn loss on its bonus pool. Coincidentally, in the nine months to January 31 st 2020, the Japanese bank's wholesale banking division made a profit of 230bn yen, which works out at around $2bn. – The implication is that profits for the full nine months could have been wiped out.