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.

MUFG Bank announced Thursday it will punish executives, including President Junichi Hanzawa, for a former employee's alleged massive thefts of customer assets from 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.

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