The presidents of Mizuho Financial Group Inc., one of Japan's major banking groups, and its banking unit Mizuho Bank will step down to take responsibility for a series of system failures, sources familiar with the matter said Friday.
The resignation of Mizuho Financial President Tatsufumi Sakai and Mizuho Bank President Koji Fujiwara comes as the Financial Services Agency plans to issue an additional business improvement order for the two companies by the end of November.
The sources also said the Finance Ministry is considering ordering a review of the bank's operations over suspected violation of the Foreign Exchange and Foreign Trade Control Law in September.