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EDITORIAL: Mizuho needs a management makeover to restore trust

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The president of Mizuho Financial Group Inc. and the head of subsidiary Mizuho Bank are stepping down to take responsibility after the holding company and the bank were slapped with a business improvement order from the Financial Services Agency on Nov. 26.

The decision on the resignations, although rightly made, came too late.

The financial group also said its current leadership will stay on until next spring, which calls into question whether its corporate management practices will be fundamentally revamped.

Mizuho Bank has been plagued by computer system glitches as many as eight times since February.

The FSA pointed out the group’s management underestimated the risks involved in the computer system and the technical specialties required and also gave insufficient attention to on-site conditions of its information technology and front-line offices.

The agency said that is evident from cuts in the expenses for maintaining the bank’s computer system and other actions.

A corporate culture in which workers “do not say out loud what should be said and only do what they are told to do” was also cited as another fundamental cause of the problem.

The FSA said the same........

© The Asahi Shimbun

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