MUFG Bank Executives Apologize and Accept Pay Cuts Following Employee Theft Scandal

On December 16, 2024, MUFG Bank's headquarters in Tokyo was the center of attention as its executives publicly expressed their remorse regarding a major theft incident. An employee, identified as Yukari Imamura (also known as Yamazaki), was apprehended by police for allegedly stealing valuables from customer safe deposit boxes, with losses amounting to around 1.4 billion yen (or about $9 million). The theft occurred across two branches over a period of four years and came to light in October of the previous year.

The arrested employee reportedly pilfered gold bars, cash, and other precious items from nearly 60 different safe deposit boxes. Following the revelation of this theft, senior executives including Chairman Naoki Hori, CEO Junichi Hanzawa, and Managing Executive Officer Tadashi Yamamoto took a significant step by agreeing to a 30% pay reduction for three months, while two other executives faced a 20% cut.

In response to the crisis, the bank has committed to improving the monitoring of spare keys for safe deposit boxes and enhancing operational safeguards. They also stated that customers who suffered losses would gradually receive compensation. The bank has issued a formal apology, acknowledging the distress and uncertainty caused to its customers and stakeholders amid this ongoing investigation.