MUFG Heads to Take Pay Cut After Information Firewall Breach
- Firm, units’ CEOs, chairmans to all cut their pay for a period
- Lender violated Japan’s client confidentiality rules
Hironori Kamezawa
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Mitsubishi UFJ Financial Group Inc. top executives will take pay cuts as Japan’s largest banking group seeks to restore client confidence after breaching information firewalls.
Chief Executive Officer Hironori Kamezawa will see his salary reduced by 30% for three months while Chairman Kanetsugu Mike’s compensation will be cut by a similar amount for five months, MUFG said in an statement on Friday. Junichi Hanzawa, CEO of the group’s flagship banking unit, and Makoto Kobayashi, head of its main brokerage arm, will also receive the same pay cuts for three months to take responsibility for the lender’s violation of client confidentiality rules.