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Japan’s Mizuho Financial institution CEO to resign after tech issues 



© Reuters. FILE PHOTO: Koji Fujiwara, President and CEO of Mizuho Financial institution, core banking unit of Mizuho Monetary Group, attends an interview with Reuters on the financial institution’s headquarters in Tokyo, Japan, April 19, 2017. Image taken April 19, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) -The chief government of Japan’s Mizuho Financial institution, Koji Fujiwara, will step down as early as this month to take duty for a sequence of know-how issues this yr, the enterprise day by day mentioned on Thursday, with out citing sources.

The Monetary Providers Company (FSA) is contemplating issuing a enterprise enchancment order to the financial institution as quickly as subsequent week, the newspaper mentioned, including the financial institution’s guardian Mizuho Monetary Group Inc was additionally contemplating a pay minimize for its chief government, Tatsufumi Sakai.

A spokesperson for Mizuho mentioned nothing had been determined. The FSA was not instantly out there for remark exterior of standard working hours.

Mizuho reported a large-scale techniques breakdown on Feb. 28, affecting 4,318 automated teller machines (ATMs) out of 5,395 nationwide, leaving 1000’s of financial institution playing cards and passbooks caught contained in the gadgets. The financial institution additionally suffered two minor techniques glitches at ATMs on March 3 and seven.

The problem on March 11 was a {hardware} downside at its knowledge centre, which delayed 263 international currency-denominated remittances for company shoppers, price 50 billion yen ($456 million).

The lender has arrange a third-party panel to research the issues.

Mizuho, which has a historical past of technical issues, accomplished a revamp of its banking system in July 2019 after spending greater than 400 billion yen ($3.6 billion) on it, following large-scale system glitches in 2002 and 2011.

($1 = 109.5600 yen)

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