21 September 2017
Find out more

Fujitsu cuts executives' pay after TSE systems failure

28 November 2005  |  7371 views  |  0 TSE

Japan's Fujitsu says it has cut the salaries of its president and six other top executives following its role in the systems crash that halted trading at the Tokyo Stock Exchange (TSE) earlier this month.

The TSE has blamed Fujitsu - which is responsible for the development and support of its trading platform - for its worst ever systems crash earlier this month.

The shutdown was caused by the failure of Fujitsu to issue some instructions linked to a software upgrade carried out last month to its subsidiary, Tosho Computer Systems (TCS). The exchange says "part of a necessary step was missing in the instruction" which caused a malfunction during a regular monthly clean-up of the dealing system.

Fujitsu president Hiroaki Kurokawa will take a salary cut of 50% for six months from December. Salaries of six other executives will be cut by 10-25% for three to six months.

The move follows a similar set of penalites imposed by TSE which cut the pay of its president and nine other senior executives for six months following the systems breakdown.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tokyo Stock Exchange slashes executives' pay after systems breakdown

Tokyo Stock Exchange slashes executives' pay after systems breakdown

10 November 2005  |  31613 views  |  0 comments
Fujitsu blamed for Tokyo Stock Exchange systems failure

Fujitsu blamed for Tokyo Stock Exchange systems failure

08 November 2005  |  11111 views  |  0 comments
Tokyo Stock Exchange hit by technical failure

Tokyo Stock Exchange hit by technical failure

01 November 2005  |  7862 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.capgemini.comvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12189 views comments | 26 tweets | 41 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10840 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9468 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8065 views comments | 18 tweets | 26 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8039 views comments | 5 tweets | 4 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job