Listening
Unlocking Word Meanings
Read the following words/expressions found in today’s article.
- undermine / ˌʌn dərˈmaɪn / (v.) – to make someone/something weaker, less confident, or less powerful, usually in a slow manner
Example:The negative comments on her social media posts have undermined her self-confidence.
- probe / proʊb / (n.) – a careful investigation done by asking questions to discover the truth
Example:The probe into the scandal involving some government officials is on the news daily.
- surface / ˈsɜr fɪs / (v.) – to become known or visible after being hidden
Example:Rumors about the celebrity’s relationship surfaced online.
- arson / ˈɑr sən / (n.) – the crime of starting a fire to burn and destroy something, especially a building
Example:The police are investigating whether the fire was caused by an accident or an act of arson.
- regrettable / rɪˈgrɛt ə bəl / (adj.) – causing someone to feel sad, sorry, or disappointed about something
Example:The company’s failure to respond to customer complaints was a regrettable mistake.
Article
Read the text below.
Japan’s biggest bank apologized for the alleged theft by an employee of more than 1 billion yen ($6.6 million) from customers’ safe deposit boxes.
The bank, formally known as Mitsubishi UFJ Financial Group, Inc., said it was investigating. Verified thefts from about 20 of the 60 clients thought to have been affected amounted to 300 million yen (nearly $2 million). Compensation was being worked out, it said.
The thefts occurred at two Tokyo branches of the bank, from April 2020 until the end of October 2024, when the problem was discovered.
MUFG’s president and CEO Junichi Hanzawa told reporters the female employee responsible for managing the safe deposit boxes and their keys is suspected of taking advantage of that position to steal cash and other valuables.
“The case has undermined the customers’ trust and confidence and shaken the very foundation of our banking business,” Hanzawa said. He apologized for causing concern and trouble to MUFG clients.
MUFG said the employee admitted taking the money and using it for investments and her personal purposes. She was fired. She is cooperating with the bank’s internal probe and a police investigation but has not yet been arrested.
After news of the thefts surfaced, dozens more people came forward with claims of suspected losses that the bank is working to verify, it said.
The MUFG case is the second recent one involving criminal activity at a major Japanese financial institution. In November 2024, Nomura Holdings acknowledged that a former employee had been arrested on suspicion of robbery, attempted murder and arson targeting a client in Hiroshima.
Asked about the MUFG thefts, the chief government spokesman said that banking operations require high levels of trust and a sense of public service.
The case was “extremely regrettable,” said Chief Cabinet Secretary Yoshimasa Hayashi.
This article was provided by The Associated Press.
Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
- MUFG, Japan’s biggest bank, is in the middle of issues of thefts that amounted to 300 million yen. As a bank customer, how do similar issues affect your trust in financial institutions? Do you think it’s still safe to put your money in banks? Why or why not? In your opinion, what alternative ways are safer than banks for keeping and securing money? Discuss.
- The chief government spokesman said that banking operations require high levels of trust and a sense of public service. Do you agree with this? In your opinion, what can banks and financial institutions do to make sure that they hire trustworthy employees? What other types of jobs require high levels of trust and a sense of public service? Discuss.
Discussion B
- The suspect in the alleged MUFG theft used her job to steal money and valuables from customers’ safe deposit boxes. What would you do if you found out a coworker was dishonest and stealing from the company? Discuss.
- Do you think some jobs naturally increase the chances of dishonest behavior? What kinds of work-related pressures could cause someone to make poor decisions? How do you think workplaces can help employees avoid these mistakes? Discuss.
