Mitsubishi UFJ Financial Group Inc. said its banking unit chief and other senior executives will take pay cuts to take responsibility for the theft of millions of dollars from customers’ safety deposit boxes.

Executives at a leading Japanese bank have apologized and taken pay cuts after police arrested an employee who allegedly stole about $9 million worth of valuables from customers’ safe deposit boxes.

Mitsubishi UFJ Financial Group said its banking unit chief and other senior executives will take pay cuts to take responsibility for the theft of millions of dollars from customers’ safe deposit boxes.

A former employee of MUFG Bank was arrested Tuesday over the alleged theft of valuables from customers' safe deposit boxes, police sa

The bank is also strengthening its safe deposit box checks and procedures. Five senior executives of MUFG, including its board chairman and CEO, are taking up to a 30% pay cut for three months following an incident where an ex-employee stole from safe deposit boxes.

Yukari Iwamura was arrested after she allegedly stole valuables including gold bars from the safe deposit boxes of customers.