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Sato Takes Pay Cut as Mizuho Awaits Crime Loans Penalty

Mizuho Financial Group Inc.’s President Yasuhiro Sato will give up six months of pay for failing to stop loans made to criminal groups as Japan’s third-biggest bank awaits further penalties from regulators.

Takashi Tsukamoto will also forgo six months’ compensation and will give up his role as chairman of Mizuho Bank Ltd. while keeping the post at the parent company, the Tokyo-based bank said in a statement yesterday. A total of 52 other current and former executives will also be penalized, the lender said.