Market Chatter: Prudential Financial Japan Insurance Chief Vows to Improve Oversight of Employees

MT Newswires Live

Jan 23

Prudential Financial's (PRU) Japan insurance Chief Executive Kan Mabara pledged to strengthen corporate governance following reports that improper actions by certain existing and former staff cost customers millions of dollars, Bloomberg News reported Friday.

The company's pay structure was heavily dependent on commissions, distorting employee incentives to follow rules, the news outlet reported, citing executives.

"We have attracted those who have an excessive desire to make money," Mabara reportedly said. "We had to take extra care in managing them, but we were not as alert to risks as we should have been."

Prudential didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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