People are reflected in the logo of Mitsubishi UFJ Financial Group's bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter/File Photo
TOKYO (Reuters) -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.
