Reported 3 days ago
Kazuto Oku, the CEO of Norinchukin Bank, plans to resign by the end of March due to significant losses from poor investments in foreign bonds, totaling approximately ¥1.4 trillion ($9.2 billion) this fiscal year. The bank, which serves Japan's agricultural cooperatives, faces pressure to diversify its heavy bond portfolio and improve risk management. Taro Kitabayashi, the current CFO, is set to take over leadership, with calls for a management overhaul to strengthen operations and adapt to changing market conditions.
Source: YAHOO