[Japan] Bank executives take pay cuts following employee safe deposit box thefts

Executives at a leading Japanese bank have issued apologies and taken pay cuts following the arrest of an employee who allegedly stole about 1.4 billion yen ($9 million) in valuables from customers’ safe deposit boxes, Talent Canada reports.

The thefts at two branches of MUFG Bank - spanning four years - were uncovered in October.

According to the bank, the employee is believed to have stolen gold, cash and other valuables worth about 1.4 billion yen from about 60 safe deposit boxes. They have now been dismissed.

MUFG Bank is one of Japan’s three megabanks. It was formed in 2006 by the merger of UFJ Bank and Bank of Tokyo-Mitsubishi.

The employee - identified by Tokyo police as Yukari Iwamura - was reportedly arrested on January 14 on suspicion of stealing 20 gold bars on two separate occasions from boxes belonging to two customers.

Police stated that additional charges may be added later since the losses reported by the bank are bigger. The case remains under investigation.

The executives taking pay cuts reportedly include Chairman Naoki Hori, Chief Executive Junichi Hanzawa and Managing Executive Officer Tadashi Yamamoto, who each took a 30 per cent reduction over three months. 

Two further executives will receive a 20 per cent cut over three months.

MUFG Bank promised to do better at monitoring the spare keys of safe deposit boxes and strengthen checks over bank operations. It said customers were gradually being compensated for their losses.

In a statement, MUFG said, “We sincerely apologize for the inconvenience and concern this is causing customers and stakeholders.”

Source: Talent Canada

(Quote via original reporting)

Executives at a leading Japanese bank have issued apologies and taken pay cuts following the arrest of an employee who allegedly stole about 1.4 billion yen ($9 million) in valuables from customers’ safe deposit boxes, Talent Canada reports.

The thefts at two branches of MUFG Bank - spanning four years - were uncovered in October.

According to the bank, the employee is believed to have stolen gold, cash and other valuables worth about 1.4 billion yen from about 60 safe deposit boxes. They have now been dismissed.

MUFG Bank is one of Japan’s three megabanks. It was formed in 2006 by the merger of UFJ Bank and Bank of Tokyo-Mitsubishi.

The employee - identified by Tokyo police as Yukari Iwamura - was reportedly arrested on January 14 on suspicion of stealing 20 gold bars on two separate occasions from boxes belonging to two customers.

Police stated that additional charges may be added later since the losses reported by the bank are bigger. The case remains under investigation.

The executives taking pay cuts reportedly include Chairman Naoki Hori, Chief Executive Junichi Hanzawa and Managing Executive Officer Tadashi Yamamoto, who each took a 30 per cent reduction over three months. 

Two further executives will receive a 20 per cent cut over three months.

MUFG Bank promised to do better at monitoring the spare keys of safe deposit boxes and strengthen checks over bank operations. It said customers were gradually being compensated for their losses.

In a statement, MUFG said, “We sincerely apologize for the inconvenience and concern this is causing customers and stakeholders.”

Source: Talent Canada

(Quote via original reporting)