MUFG Bank to Cut President’s Monthly Pay by 30％ after Ex-employee Arrested for Allegedly Stealing Gold (UPDATE 1)

The Yomiuri Shimbun

12:05 JST, January 16, 2025 (updated at 16:00 JST)

MUFG Bank will cut the monthly pay of its president, Junichi Hanzawa, by 30% for three months after a former employee was arrested on suspicion of stealing gold bullion from customers’ deposit boxes, the bank announced Thursday afternoon.

MUFG Bank also intends to reduce the monthly pay of its chairman, Naoki Hori, and other relevant executives to show that management is taking responsibility. The bank made the announcement after submitting to the Financial Services Agency measures to prevent similar incidents, such as for improving the security camera system.