Japanese Megabank Theft Scandal: Executives Act After Massive Heist

Executives at a leading Japanese bank took pay cuts after the arrest of an employee who allegedly stole approximately 1.4 billion yen in valuables from customers' safe deposit boxes. The thefts, occurring over four years across two branches of MUFG Bank, prompted an internal review and compensation strategy.

Executives at a major Japanese bank issued an apology and announced pay cuts Thursday following the arrest of an employee accused of embezzling around 1.4 billion yen in valuables from clients' safe deposit boxes.

The thefts, spanning four years and affecting two branches of MUFG Bank, were revealed last October, with approximately 60 safe deposit boxes compromised. The suspect, believed to have stolen gold and cash, was identified by Tokyo police as Yukari Iwamura, also known as Yamazaki.

Amid ongoing investigations, executives, including Chairman Naoki Hori and Chief Executive Junichi Hanzawa, announced a 30% salary reduction over three months as the bank strengthens security measures and compensates affected customers.

(With inputs from agencies.)