TOKYO: Mitsubishi UFJ Financial Group Inc. will impose pay cuts on four top executives, including President Hironori Kamezawa, over the illegal sharing of customer information among the group’s three units, it was learned Thursday.

The move comes after Japan’s Financial Services Agency in June issued business improvement orders to the three units — MUFG Bank, Mitsubishi UFJ Morgan Stanley Securities Co. and Morgan Stanley MUFG Securities Co. — for sharing undisclosed information on clients without their consent.

The four executives also include Mitsubishi UFJ Financial Group Chairman Kanetsugu Mike, MUFG Bank President Junichi Hanzawa and Mitsubishi UFJ Morgan Stanley Securities CEO Makoto Kobayashi, according to informed sources.

As early as Friday, Mitsubishi UFJ Financial Group plans to submit a business improvement plan to the FSA and announce internal punishments.

JIJI Press