11 Mizuho executives take pay cuts over system failures

Mizuho Financial Group Inc. said Tuesday its President and Group CEO Tatsufumi Sakai and 10 other executives will take pay cuts over a series of system failures that hit Mizuho Bank earlier this year, including many of its automated teller machines.The measure was announced after a third-party panel concluded earlier in the day that the failures were due to poor operation and management rather than system defects."We take harsh criticism seriously," Sakai said in a press conference as he apologized to those affected by the system failures. He will have his remuneration halved for six months…READ FULL ARTICLE