Japan’s MUFG cuts CEO, five other executives’ pay after ‘firewall’ breaches

Japan’s largest banking group Mitsubishi UFJ Financial Group (MUFG) will cut the pay of its CEO and five other executives following the breaching of “firewall” regulations at its banking and securities arms, it said on Friday.
In June, the Financial Services Agency (FSA) ordered MUFG’s banking and securities units to submit business improvement plans in the most high profile financial regulatory action in Japan since the securities arm of rival Sumitomo Mitsui Financial Group was indicted on market manipulation charges in 2022.
The monthly salaries of Group CEO Hironori Kamezawa and five other executives will be cut by 30% for between two and five months, MUFG said in a statement.
It also demanded that three former directors at the group’s banking unit and one at one of its securities arms return between 10% and 30% of three months worth of salary.