Heads of Mizuho FG, Mizuho Bank Seen Quitting over System Glitches

Economy Society

Tokyo, Nov. 19 (Jiji Press)--Mizuho Financial Group Inc. <8411> President Tatsufumi Sakai and Koji Fujiwara, president of key unit Mizuho Bank, are seen resigning to clarify their responsibility for a series of system failures at the major Japanese bank earlier this year, it was learned Friday.

The Financial Services Agency is expected to issue a business improvement order to the bank and the parent company within this month.

Meanwhile, the Finance Ministry will consider urging the major banking group to take corrective measures based on the foreign exchange law, after the bank possibly violated the law over a step it took in response to a system glitch, informed sources said.

A person related to Mizuho said that the group will consider the fate of Sakai, while noting that nothing has been decided over the matter at the moment.

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