MUFG Executives Face Pay Cuts After Theft

Executives at MUFG Bank are facing consequences for a significant theft incident involving a former employee who allegedly stole around 1.4 billion yen ($9 million) in valuables from customer safe deposit boxes over four years. In response, the bank's chairman, CEO, and other senior executives will take pay cuts of up to 30% for three months as a gesture of accountability. The employee, Yukari Iwamura, was arrested in January 2025 following the discovery of the thefts last October. MUFG Bank has committed to enhancing its security protocols, including stricter management of safe deposit box keys and internal checks, to prevent future incidents. The bank has also begun compensating affected customers and has expressed regret over the distress caused to customers. The incident has drawn regulatory scrutiny, with the Financial Services Agency requiring a report on the matter.