Japan's largest bank apologizes over theft of millions of dollars from safe deposit boxes [Yahoo! Finance Canada]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: Yahoo! Finance Canada
The bank, formally known as Mitsubishi UFJ Financial Group, Inc., said Monday that it was investigating and that verified thefts from about 20 of the 60 clients thought to have been affected amounted to 300 million yen (nearly $2 million). Compensation was being worked out, it said. The thefts occurred at two Tokyo branches of the bank, from April 2020 until the end of October this year, when the problem was discovered. MUFG's president and CEO Junichi Hanzawa told reporters the female employee responsible for managing the safe deposit boxes and their keys is suspected of taking advantage of that position to steal cash and other valuables. “The case has undermined the customers' trust and confidence and shaken the very foundation of our banking business,” Hanzawa said. He apologized for causing concern and trouble to MUFG clients. MUFG said the employee admitted taking the money and using it for investments and her personal purposes. She was fired and was cooperating with the
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MUFG
Earnings
- 8/2/24 - Beat
MUFG
Sec Filings
- 1/7/25 - Form 424B2
- 1/7/25 - Form FWP
- 1/6/25 - Form 424B5
- MUFG's page on the SEC website