Japan’s Mizuho hit with another glitch, some transactions delayed By Reuters
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TOKYO (Reuters) -Mizuho Financial Group’s main banking arm said on Thursday a system glitch has been delaying some foreign exchange transactions, just a week after it was slapped with a regulatory punishment over system troubles earlier in the year.
The third largest lender in Japan has had a string of technical issues despite the $3.6 billion system overhaul in 2019. This led to the Financial Services Agency (FSA), an unusual banking regulator, becoming more involved with the inspection of the computer systems.
This latest glitch occurred on the final day of Japan’s April-September financial year. This period typically experiences a spike in transaction volume for companies.
According to a spokesperson for Mizuho, some transactions might not have been completed by Thursday’s end.
FSA could take further action due to the new system problems. Last week, the regulator stated that its next steps would be determined by a bank report. This is expected by October 29.
According to a report by Fusion Media, the tech failures were caused by the bank’s corporate culture. Managers are less likely to speak out and can not respond to emergencies well.
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