Mizuho sets up committee to probe system failures

The failure has hurt the firm's credibility, it says.

Japan’s Mizuho Financial Group will set up a third-party committee to investigate a series of system failures which it said has hurt its credibility, reports Reuters.

Mizuho, which has a history of troubling customers with technical problems, has suffered four system glitches in the past two weeks.

The investigative committee would be chaired by lawyer Shuji Iwamura and more than two members would join later, according to the bank.

Mizuho reported a large-scale system breakdown on 28 February, affecting 4,318 automated teller machines out of 5,395 nationwide, resulting in thousands of bank cards and passbooks being stuck inside the devices. The bank also suffered two minor system glitches at ATMs on 3 and 7 March.

Here’s more from Reuters.