Feeds

Fujitsu execs take pay cut after Tokyo exchange crash

Humble apologies

Security for virtualized datacentres

Fujitsu is to dock the pay of senior executives after the Japanese computer giant took the blame for a software glitch that forced the Tokyo Stock Exchange (TSE) to suspend trading earlier this month. The exchange was only able to operate for 90 minutes on 1 November due to bugs with a newly installed transactions system, developed by Fujitsu, which was supposed to help cope with higher trading volumes. The interruption in trading was the worst in the history of the exchange.

"Flawed instructions we received from Fujitsu regarding system improvements to its software seem to have caused the glitch," TSE spokesman Mitsuo Miwa told Reuters. The news agency reports that the exchange is yet to decide whether or not to sue Fujitsu over the outage. Nagoya Stock Exchange experienced a similar trading halt three days after the TSE glitch, which have also been traced back to Fujitsu software.

In a show of humility over the cock-up, Fujitsu's board has agreed to slash president Hiroaki Kurokawa's salary in half for six months, and levied pay-cuts of between 10 to 25 per cent on other senior executives including those running its financial systems division. Tokyo Stock Exchange has already imposed a similar set of pay cuts on its executives right down to slashing the monthly pay of President Takuo Tsurushima by half for six months. It's unclear if Fujitsu will plough the cost savings from its salary cuts into its own business or hand over the dosh to Tokyo Stock Exchange. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.