Executives at one of Japan’s prominent banks expressed their regret and announced salary reductions on Thursday after the arrest of an employee for allegedly stealing approximately 1.4 billion yen (around $9 million) in valuables from customers’ safe deposit boxes.

The illicit activities at MUFG Bank, which spanned a four-year period, came to light last October. The dismissed employee reportedly stole gold, cash, and other items from about 60 different safe deposit boxes, as stated by the bank.

MUFG Bank, one of the three megabanks in Japan, was established in 2006 through the merger of UFJ Bank and Bank of Tokyo-Mitsubishi. The arrested individual has been identified by Tokyo authorities as Yukari Iwamura, also known by the name Yamazaki. She was taken into custody on Tuesday for allegedly stealing 20 gold bars on two separate occasions from the deposit boxes of two clients.

Law enforcement officials indicated that further charges may be forthcoming, given that the total value of losses reported by the bank exceeds initial estimates. The investigation remains ongoing.

The executives who announced pay cuts include Chairman Naoki Hori, Chief Executive Junichi Hanzawa, and Managing Executive Officer Tadashi Yamamoto, each agreeing to a 30% reduction in their salaries over the next three months. Additionally, two other executives will face a 20% salary cut for the same duration.

In response to the incident, the bank has vowed to enhance monitoring of the spare keys for safe deposit boxes and to elevate operational oversight within the institution. They have also begun compensating affected customers for their losses.

In a communicated statement, the bank expressed its sincere apologetic sentiments, addressing the concern and inconvenience caused to customers and stakeholders.