Mizuho Financial Group Inc. announced Friday that it will cut the pay of top executives over the trading blunder committed by Mizuho Securities Co.
Among the executives to be affected by the Dec. 8 blunder are Mizuho Financial Group President Terunobu Maeda and Mizuho Corporate Bank President Hiroshi Saito, whose pay will be cut by 30 percent for one month, officials said.
Mizuho Securities President Makoto Fukuda received the biggest pay cut of all -- 50 percent for three months, they said. The bank is the parent of the brokerage.
The blunder occurred when a Mizuho Securities trader mistakenly placed an order to sell 610,000 shares of staffing firm J-Com Co. for 1 yen apiece, instead of selling a single share for 610,000 yen.