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Japanese bank Mizuho reports another system failure despite regulatory reprimand

Japanese bank Mizuho reports another system failure despite regulatory reprimand

FILE PHOTO: Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. REUTERS/Toru Hanai

TOKYO : Mizuho Financial Group's main banking arm reported a new system glitch on Thursday, causing a halt to some money transactions just a month after regulators reprimanded Japan's No. 3 lender for a series of technical system failures.

The latest glitch resulted from an error in system settings and affected automated teller machine and online banking operations for about an hour on Thursday afternoon, a Mizuho spokesperson said.

Mizuho's technical problems this year came despite a US$3.6 billion overhaul of its systems in 2019 and prompted a reprimand from the Financial Services Agency (FSA) last month.

The group's CEO, chairman and the head of the main banking unit are all stepping down by April to take responsibility for the glitches.

(Reporting by Makiko Yamazaki; Editing by Susan Fenton)

Source: Reuters

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