STRATEGIC PARTNERS
June 17, 2002
TOKYO - Mizuho Financial Group, which suffered a series of crippling computer problems in April when the organization was created by the merger of Dai-Ichi Kangyo and Fuji banks, will sanction more than 100 employees over the snafus, according to AFX News - Asia.
Unnamed directors of the bank's computer system will be forced to retire, according to AFX News. In addition, bank executives -- including president Terunobu Maeda -- will lose as much as three-months' pay.
Computer glitches created when the two banks merged paralyzed the bank's system on April 1. More than 2.5 million transactions were left unsettled at one point because the computer system was unable to deduct utility bills and other payments. Computer services were restored by April 7 (See story:Mizuho Bank says all ATM services restored).
