When Chris Willcox describes the strategy he is rolling out for Nomura’s wholesale business, the word he keeps coming back to is “boring”.

The former JPMorgan banker has had to fight some fires since taking charge in September 2022, including the fallout from the collapse of family office Archegos Capital — which cost the Japanese bank nearly $3bn — as well as ongoing pressure to bolster profitability at Nomura’s hulking wholesale division.