Head Down Japanese Megabank Mizuho Executives to Resign in April Next Year... Press Conference Tonight

On August 20, Koji Fujiwara, President of Mizuho Bank (center), and Tatsufumi Sakai, President of Mizuho Financial Group (left), apologized for the system failure at a press conference held in Tokyo. [Image source=Yonhap News]

[Asia Economy Reporter Seulgina Jo] Mizuho Financial Group of Japan announced on the 26th that President Tatsufumi Sakai and Mizuho Bank President Koji Fujiwara will resign effective April 1, 2022, taking responsibility for the recent series of system failures.

According to Nihon Keizai Shimbun, President Sakai and other executives are scheduled to hold a press conference at 9 p.m. that day to express their stance on management responsibility and measures to prevent recurrence.

Mizuho Bank, one of Japan's three major megabanks, has experienced as many as eight system failures this year alone, including ATM outages and delayed remittances, drawing criticism for causing inconvenience to customers.

Despite the executives personally apologizing at a press conference for the successive failures, another failure occurred just three days later, escalating the controversy. Additionally, it was confirmed during this process that Mizuho Bank violated legal regulations and failed to comply with procedures in overseas remittance transactions, resulting in a warning from the government.

Successor appointments will be discussed in the future.

This content was produced with the assistance of AI translation services.