Fujitsu management take pay cuts over stock exchange crash

Top Fujitsu management are to take temporary pay cuts, with the firm’s systems having been found to have caused the Tokyo stock exchange crash of 1 November.

Top Fujitsu management are to take temporary pay cuts, with the firm’s systems having been found to have caused the Tokyo stock exchange crash of 1 November.

The failure led to billions of pounds in lost trades, after most of the day’s trading was lost to the faulty software upgrade.

IT staff at the exchange had accused Fujitsu of giving them bad upgrade instructions, and the wrongly installed software was only discovered as the morning’s trading was about to begin.

No trades were possible until 1.30pm, one-and-a-half hours before trading was due to end.

The temporary pay cuts follow those taken by senior management at the Tokyo exchange earlier this month in response to the fiasco.
 
At Fujitsu, president Hiroaki Kurokawa will take a 50% pay cut for six months. Michiyoshi Mazuka, responsible for Fujitsu systems, and Koichi Hironishi, responsible for Fujitsu financial systems, will both have a 25% pay cut for six months.

Four other staff will lose 10% of their pay for between three and six months.

Chairman Naoyuki Akikusa has also volunteered to take a 50% pay cut for six months, even though he wasn’t compelled to do so by the board.

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