Mizuho CEO Resigns After Regulator Hits Bank for System Woes
- FSA hands Mizuho a business improvement order on Friday
- CEO Sakai will step down on April 1 next year, bank says
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Mizuho Financial Group Inc. Chief Executive Officer Tatsufumi Sakai will step down after Japan’s banking regulator issued a business improvement order on the lender, criticizing it for shortcomings in governance and corporate culture behind a series of system glitches this year.
The Financial Services Agency said Mizuho didn’t pay enough attention to risks within its computer systems, according to a statement Friday. The regulator also said Mizuho failed to learn from past incidences and asked the bank to clarify who is responsible for the outages.