UFJ Holdings Inc. told the Financial Services Agency on Monday it will carry out organizational changes, including an increase in outside directors, in response to business improvement orders issued by the FSA.
The organizational changes are designed to meet three of the four FSA orders, UFJ officials said.
Earlier this month, the FSA issued business improvement orders against UFJ, saying it moved important documents to secret rooms and lied that it had not done so; issued false reports on the amount of loans to small and midsize firms; revised its earnings forecast in a way that did not reflect the actual results, which were much worse; and failed to achieve profit targets by more than 30 percent for two consecutive years, despite the bank's acceptance of public funds.