Financial giant Mizuho Holdings Inc. on Wednesday officially announced punitive measures for 117 senior employees responsible for the massive computer glitches that marred the April launch of two new banks under the banking group.
Mizuho Holdings President Terunobu Maeda said he and two other top executives -- Mizuho Bank President Tadashi Kudo and Mizuho Corporate Bank President Hiroshi Saito -- would take a 50 percent pay cut over a six-month period.
Another 114 senior employees will swallow disciplinary pay cuts of between 15 percent to 30 percent to take responsibility for the glitches, which included double-billing and transaction delays.