Big Shake-Up at Sumitomo Over Scandal
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The chairman and the vice president of Japan’s Sumitomo Bank, the world’s third-largest bank, have resigned to take responsibility for a former branch manager’s alleged link to a stock speculation scandal.
Chairman Ichio Isoda announced Oct. 7 that he would resign following the arrest of a former branch manager on suspicion of offering illegal loans to a stock speculator.
But there had been no prior announcement that Vice President Teizaburo Nishi would resign. No replacements have yet been named.
Vice Chairman Ko Komatsu also resigned for health reasons, a Sumitomo spokesman said. Komatsu and Isoda will assume advisory positions on the board.
All 50 board members will take substantial cuts in their special allowances for the six months starting in November, the spokesman said.
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