Bank / Credit Union

Computer failure postpones leadership change at Japan's Mizhuo bank

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March 16, 2021

When computers at Mizuho Bank in Japan failed for the fourth time in the past two weeks, the Mizuho Financial Group decided to postpone a leadership reshuffle at its main banking unit until it can determine the root cause of recent system failures and prevent a recurrence.

The change in personnel would have replaced Koji Fujiwara, bank president, with Masahiko Kato, managing executive officer for the bank, according to a report from Nikkei Asia.

The bank is still investigating the system failures but said On Feb. 28, roughly 80% of its ATMs in Japan stopped running and kept some users' bank cards. The glitch delayed 263 remittances.