Prudential Japan executives take pay cuts over staff misconduct

What happened: Prudential Financial's Japan unit said President Hiromitsu Tokumaru and two other executives will take pay cuts after an outside panel reported widespread employee misconduct involving customers' money. Key numbers: 30% compensation reduction for three months; more than 100 current and former sales employees involved; over Why it matters: The committee tied the issues to structural problems in governance and business model. The financial regulator is considering penalties including a temporary business suspension order, amid a series of scandals in Japan's insurance industry.

Prudential Financial's Japan unit said President Hiromitsu Tokumaru and two other executives will take pay cuts after an outside panel reported widespread employee misconduct involving customers' money.

The committee tied the issues to structural problems in governance and business model. The financial regulator is considering penalties including a temporary business suspension order, amid a series of scandals in Japan's insurance industry.