Officials of the Mizuho financial group on Wednesday blamed the group's recent computer fiasco on a chief information officer who reportedly failed to notify top management about the possibility of a large-scale system failure.
The officials, who asked not to be named, said the results of inspections by the Financial Services Agency and an in-house investigation show that the officer, who was from the former Dai-Ichi Kangyo Bank, covered up the problems to avoid causing a delay in the group's April 1 system integration.
Separately, Terunobu Maeda, president of Mizuho Holdings Inc., told the House of Representatives Financial Affairs Committee the same day, "Those in charge of the system development failed to report to the group's top management."