MUFG Poised to Cut CEO’s Pay After Breaches, Kyodo Reports

Mitsubishi UFJ Financial Group Inc. is poised to cut the pay of three top executives including Chief Executive Officer Hironori Kamezawa for client information breaches at the firm, Kyodo reported.

Japan’s financial regulator last month penalized the lender’s flagship banking unit and two joint ventures for violating client confidentiality rules. A spokesperson for MUFG declined to comment when contacted by Bloomberg News.

Hironori Kamezawa

Photographer: Akio Kon/Bloomberg

Any move to cut manager pay would mark a widening of the scandal which has shaken confidence in the country’s largest banking group, causing some clients to take bond underwriting business elsewhere. Japan forbids commercial and ...