Top executives at Mitsubishi UFJ Financial Group are taking pay cuts as Japan’s largest banking group seeks to restore customer confidence after breaching information firewalls.
Chief Executive Officer Hironori Kamezawa will see his salary cut by 30% for three months, while Chairman Kanetsugu Mike will have his compensation reduced by a similar amount for five months, MUFG said in a statement on Friday. Junichi Hanzawa, CEO of the group’s flagship banking unit, and Makoto Kobayashi, head of its main brokerage business, will also take the same salary cuts for three months to take responsibility for the lender’s breach of client confidentiality rules.
The same salary penalty will also hit MUFG Bank Chairman Naoki Hori and Mitsubishi UFJ Morgan Stanley Securities Chairman Saburo Araki for two months. A total of 21 officials, including some retired executives, will forfeit part of their salaries.
