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Finance

Mizuho Financial Group CEO Sakai to resign over system failures

Exclusive: Top banker takes responsibility for trouble that brought regulator rebuke

Despite a system overhaul in 2019, Mizuho has been dogged by technological glitches this year.   © Reuters

TOKYO -- Mizuho Financial Group President Tatsufumi Sakai will resign, Nikkei learned Thursday, taking responsibility for a series of system failures that have drawn the rebuke of financial authorities.

Deliberations over the new leadership team will begin immediately, with the nomination committee staffed by outside directors leading the charge. Koji Fujiwara, president and CEO of Mizuho Bank, will also be replaced.

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