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    6501   JP3788600009

HITACHI, LTD.

(6501)
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Hitachi : Japan's Mizuho to revise IT contingency plans after glitches

04/05/2021 | 07:07am EDT
Mizuho Financial Group's Chief Executive Officer Tatsufumi Sakai poses for a photo after an interview with Reuters at the company's headquarters in Tokyo

TOKYO (Reuters) - Mizuho Financial Group Inc will revise its IT contingency plans by the end of June, the Japanese lender said on Monday, after it suffered four systems glitches during two weeks from February to March.

Mizuho, Japan's third largest lender by assets, has a history of technical problems. The bank started operating its current system in July 2019 after spending more than 400 billion yen ($3.6 billion) to develop it.

"I don't see a problem at the core banking system itself for now, but some repair may be needed if necessary," Chief Executive Tatsufumi Sakai told a press briefing, adding the bank had increased staff at IT division as a preventive measure.

"A CEO must always be prepared to take responsibility. That way of thinking hasn't been changed at all," he also said.

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

The latest issue on March 11 was a hardware problem at its data centre, which delayed 263 foreign currency-denominated remittances for corporate clients, worth 50 billion yen.

Mizuho said the server and device related to the fourth glitch were provided by Hitachi Ltd, and the Japanese industrial conglomerate said in a separate statement it deeply apologized for causing the trouble.

Mizuho had said it had set up a third-party committee to investigate the series of systems troubles.

Finance Minister Taro Aso said the Financial Services Agency accepted a report from Mizuho at the end of March. The contents were not disclosed to the public.

Mizuho experienced large-scale system glitches in 2002 and 2011.

($1 = 110.7100 yen)

(Reporting by Takashi Umekawa and Sakura Murakami; Editing by Shri Navaratnam and Mark Potter)

By Takashi Umekawa


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HITACHI, LTD. 0.98% 5171 End-of-day quote.27.21%
MIZUHO FINANCIAL GROUP, INC. -0.22% 1556.5 End-of-day quote.19.04%
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Financials
Sales 2021 8 369 B 76 909 M 76 909 M
Net income 2021 390 B 3 584 M 3 584 M
Net Debt 2021 1 327 B 12 192 M 12 192 M
P/E ratio 2021 12,8x
Yield 2021 1,94%
Capitalization 5 000 B 45 939 M 45 946 M
EV / Sales 2021 0,76x
EV / Sales 2022 0,68x
Nbr of Employees 301 056
Free-Float 95,7%
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Technical analysis trends HITACHI, LTD.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 16
Average target price 5 915,31 JPY
Last Close Price 5 171,00 JPY
Spread / Highest target 35,4%
Spread / Average Target 14,4%
Spread / Lowest Target -31,9%
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Managers and Directors
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Yoshihiko Kawamura Chief Financial Officer
Hiroaki Nakanishi Executive Chairman
Norihiro Suzuki Chief Technology Officer, Manager-R&D Group
Seiichiro Nukui Chief Information Officer
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