Nomura is Japan's largest securities firm and a global investment bank. The company operates four segments: Wealth Management, Wholesale, Investment Management, and Banking. Wealth Management sells financial products, including stocks, bonds, and insurance, to individual investors in Japan through a nationwide branch network and digital platforms. Nomura is shifting this business model from transaction-based commissions to recurring revenue derived from fees on managed assets. The Wholesale division comprises Global Markets and Investment Banking. Global Markets trades and distributes fixed income and equity products to institutional clients worldwide, while Investment Banking provides M&A advisory, debt, and equity capital markets services. Investment Management manages assets for retail and institutional clients globally, earning fees based on AUM. This segment recently expanded through the acquisition of Macquarie's public asset management business in the U.S. and Europe. The Banking division provides lending, trust services, and fund administration. Nomura's strategy centers on growing its recurring revenue base, expanding private market offerings such as private credit and real estate, and developing institutional digital asset services through its Laser Digital subsidiary.