In Japan, a bank director cut his salary by 30% due to a former employee's actions. What happened?

The CEO of a leading Japanese bank publicly apologized and reduced his salary after a former employee was accused of robbery, attempted murder, and arson. Details were shared on December 3 in the Daily Star.

Kentaro Okuda has been at the helm of Nomura since 2020. For the next three months, he will receive a 30% pay cut, and similar reductions will also affect several other top executives.

According to investigators, one of the bank's former employees administered drugs to an elderly client and his wife, stole their cash, and set their home in Hiroshima on fire. The 29-year-old man, who worked in the securities department, was dismissed in August.

"We would like to express our deepest apologies to the victims, as well as to many others involved, for the significant inconvenience and distress caused. We are truly sorry," Okuda stated during a press conference on December 3.

Nomura is Japan's largest investment bank, with a global workforce of 26,000 employees and offices located in Tokyo, London, and New York. Following the incident, the bank is cooperating with the police.

Staff members' duties involve visiting clients at home for consultations. The bank has now announced changes. Specifically, the company will work on early detection of employee misconduct, oversight of such home visits will be strengthened, and obtaining permission for them will become more difficult.

"In the near future, a manager will accompany employees when they visit clients at home or speak with clients over the phone during each visit," Nomura promised.

Okuda also mentioned that hiring processes will be updated, and staff will undergo new training on ethical issues. According to the bank, the former employee joined the bank as a graduate in April 2018. Since April 2022, he had been advising on asset management for both individual and corporate clients in Hiroshima.

The bank's CEO is voluntarily reducing his salary for the second time. Previously, he promised to take a 20% pay cut for two months after Nomura was fined for manipulating futures on government bonds. However, both scandals did not significantly impact the company's stock price.

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