Japan’s FSA May Issue Order on Mizuho This Week, Nikkei Reports

(Bloomberg) -- Japan’s Financial Services Agency may issue a business improvement order to Mizuho Financial Group as soon as this week, following multiple system failures that it said hurt public confidence, the Nikkei newspaper said Sunday. 

The group’s chairman, Yasuhiro Sato, will also step down next spring, the paper reported. His resignation will add to those by the group’s chief executive officer, Tatsufumi Sakai, and Mizuho Bank CEO Koji Fujiwara. 

Mizuho CEO Sakai Plans to Step Down After System Failures

Tokyo-based Mizuho has been dogged by major IT troubles since it was created from the merger of three banks more than 20 years ago. Its retail arm has had a series of system failures since February.  

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