The investment bank has had a troubled history of occasional major financial hits at its wholesale division, including a $2.9 billion loss from the collapse of U.S. investment fund Archegos, which CEO Okuda has been eager to change since he took the helm in 2020. Nomura's wholesale division, which houses its investment banking and trading businesses, reported its second consecutive quarterly loss, at 14.2 billion yen ($106 million) pre-tax, as dealmaking fees plunged and global inflation and a weaker yen boosted costs. "If Nomura embarks on cost cutting in wholesale now when rivals are doing reasonably well, it fears that it may hurt its franchise," Morningstar analyst Michael Makdad said. "But I think the firm may not have a choice."