Japan’s Mizuho Bank CEO resigns after tech issues – Nikkei




The chief executive of Japanese bank Mizuho, ​​Koji Fujiwara, will step down as soon as this month to take responsibility for a series of technological problems this year, the business daily Nikkei reported Thursday, without citing sources.

FILE PHOTO: Koji Fujiwara, Chairman and CEO of Mizuho Bank, the main banking unit of Mizuho Financial Group, attends an interview with Reuters at the bank’s headquarters in Tokyo, Japan on April 19, 2017. Photo taken on April 19, 2017. April 2017. REUTERS / Toru Hanai / File Photo

TOKYO: The chief executive of Japan’s Mizuho bank, Koji Fujiwara, will step down as soon as this month to take responsibility for a series of technological problems this year, the Nikkei business daily reported Thursday, without citing sources.

The Financial Services Agency (FSA) plans to issue a business improvement order to the bank as early as next week, the newspaper said, adding that the bank’s parent company, Mizuho Financial Group Inc, is also considering a reduction. salary for its managing director, Tatsufumi Sakai.

A spokesperson for Mizuho said nothing had been decided. The FSA was not immediately available for comment outside of normal working hours.

Mizuho reported a large-scale systems failure on February 28, affecting 4,318 out of 5,395 ATMs nationwide, leaving thousands of bank cards and passbooks stuck inside the devices. The bank also suffered two minor ATM system issues on March 3 and 7.

The March 11 issue was a hardware glitch in its data center, which delayed 263 foreign currency-denominated remittances to corporate clients, worth 50 billion yen ($ 456 million).

The lender has set up a group of third party experts to investigate the issues.

Mizuho, ​​who has a history of technical problems, completed the overhaul of its banking system in July 2019 after spending more than 400 billion yen ($ 3.6 billion) there, following system problems at large scale in 2002 and 2011.

(1 USD = 109,5600 yen)

(Reporting by Takashi Umekawa and Kiyoshi Takenaka; Editing by Peter Graff and Mark Potter)



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