Executives at a leading Japanese bank have apologized and taken pay cuts after police arrested an employee who allegedly stole about $9 million worth of valuables from customers’ safe deposit boxes.

A former employee of the MUFG Bank has been arrested for allegedly stealing 20 kilograms of gold bullion worth 260 million yen (US$1.6 million) from customers’ safe deposit boxes.

The head of Japan's MUFG Bank has promised to review the financial institution's safe deposit box operations following a series of alleged thefts by a former employee.

A former MUFG Bank employee accused of stealing valuables from customer safe deposit boxes reportedly admitted to using overseas trading plat

Japan’s biggest banks are nearing a key valuation level for the first time in almost a decade as investors bet that the Bank of Japan will raise interest rates on Friday and accelerate its normalisation of monetary policy.

MUFG Bank announced Thursday it will punish executives, including President Junichi Hanzawa, for a former employee's alleged massive thefts of customer assets from safe deposit boxes.

Mitsubishi UFJ Financial Group said its banking unit chief and other senior executives will take pay cuts to take responsibility for the theft of millions of dollars from customers’ safe deposit boxes.

The thefts at two branches of MUFG Bank spanned four years and ... according to the bank. The bank, one of Japan's three megabanks, was formed in 2006 by the merger of UFJ Bank and Bank of Tokyo ...

The thefts at two branches of MUFG Bank spanned four years and were uncovered last October. The employee, who was dismissed, is believed to have stolen gold, cash and other valuables worth about 1 ...

worth of valuables from customers’ safe deposit boxes. The thefts at two branches of MUFG Bank spanned four years and were uncovered last October.

Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group, with 8.0% share of domestic loans and 11.6% of deposits as of March 2024. It was also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet,

Sumitomo Mitsui Financial Group, with a 7.2% share of domestic loans and 9.0% of deposits as of March 2024, is one of Japan’s Big Three banking groups. Compared with its two megabank rivals, SMFG has a greater focus on retail customers and small and medium-size enterprises rather than large corporate clients.