Mizuho Financial Group Inc. may cut pay and add new board members to mollify investors, lawmakers and regulators after failing to end loans to crime groups in the biggest scandal of President Yasuhiro Sato’s two-year tenure.
Teiko Kudo has come a long way from her days at a Sumitomo Bank branch in the 1980s, when clients often asked her to hand the phone to a male loan officer because she was a woman. Last month she became the lender’s first female top manager, promoted to a level shared by 88 men.
Mizuho Financial Group Inc., Japan’s third-biggest banking group by market value, selected Fujitsu Ltd., Hitachi Ltd. and two other companies to develop a new computer system for the lender’s national operations.
Mizuho Financial Group Inc.’s investigators said a probe into loans made to gangsters uncovered a failure in internal controls rather than efforts by Japan’s third-largest bank to deliberately mislead regulators.