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Nomura Holdings Inc. is reviewing costs at its retail business after earnings from the brokerage’s usually profitable division trailed its smaller rival Daiwa Securities Group Inc. for a second straight quarter.

Chief Financial Officer Takumi Kitamura is “taking a closer look into the cost structure” of the unit with retail head Go Sugiyama, he said at an earnings briefing on Wednesday after Japan’s largest brokerage announced that pre-tax profit from the segment slumped 74% to 4.9 billion yen ($36.8 million) from a year earlier.