Mizuho head to take 50% pay cut for computer failure.

Japan Weekly Monitor, June, 2002

TOKYO, June 18 Kyodo

Terunobu Maeda, president of Mizuho Holdings Inc., plans to take a 50% cut in pay for six months to take responsibility for a massive computer failure that hit the bank group in April, sources close to the bank said Monday.

The sources said the Mizuho Holdings also plans to impose pay cuts of between 15% and 30% for more than 100 senior Mizuho employees as part of disciplinary measures for the computer failure.

The Dai-Ichi Kangyo Bank director in charge of developing the computer system will resign from Mizuho.

Financial Services Agency (FSA) Commissioner Shoji Mori said the Mizuho financial group is due to submit a final report on its computer fiasco Tuesday.

Mori said three factors caused the...