Japan bank executives take pay cuts after employee is accused of stealing from safe deposit boxes

TOKYO (AP) — Executives at a leading Japanese bank apologized and took pay cuts on Thursday after police arrested an employee who allegedly stole about 1.4 billion yen ($9 million) worth of valuables from customers’ safe deposit boxes.

The thefts at two branches of MUFG Bank spanned four years and were uncovered last October.

The employee, who was dismissed, is believed to have stolen gold, cash and other valuables worth about 1.4 billion yen from about 60 safe deposit boxes, according to the bank.