Mizuho submits report on computer failure to FSA.
Japan Weekly Monitor, June, 2002
TOKYO, June 18 Kyodo
Mizuho Holdings Inc. submitted to the Financial Services Agency (FSA) on Tuesday a report on the causes of a massive computer failure that interrupted customer transactions at its two banks.
The report includes measures the firm will take, such as a 50% pay cut for six months for Mizuho Holdings President Terunobu Maeda and pay cuts of 15-30% for more than 100 senior employees.
Financial Services Minister Hakuo Yanagisawa indicated earlier in the day the FSA will issue as early as Wednesday a business improvement order to the Mizuho financial group over the computer fiasco.
''I want to make a decision (on the order) as early as possible after examining Mizuho's report'' on the computer problem, Yanagisawa told...
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