Tatsufumi Sakai
Profile
Performance in office
Tenure
Tenure
Background
He became an Executive Officer of Mizuho Corporate Bank in April 2011, Executive Officer of the holding company in April 2012, Managing Executive Officer in April 2013 and Managing Executive Officer (statutory) in April 2015. From April 2016 he was also Director and President of Mizuho Securities. From the position of running the securities subsidiary, he became President and Group CEO in April 2018. He moved to the top of the holding company from the presidency of the securities company rather than the bank.
Selection
In April 2018 he succeeded Yasuhiro Sato as President and Group CEO. In November 2017, five months before he took office, Mizuho had announced a structural reform plan to cut about 19,000 employees by the end of fiscal 2026 and about 100 locations by the end of fiscal 2024. Consolidated net business profit for the first half of fiscal 2017 was ¥241.6 billion, down ¥161.5 billion from a year earlier, and the combined expense ratio of its two banks was 72.6%, higher than the 50-60% range at the other two megabanks. It was a change that handed him the cost-cutting plan.
Initiatives
In the fiscal year ended March 2019 the group took structural reform costs and losses from restructuring its securities portfolio all at once. Losses totaled about ¥680.0 billion: a ¥460.0 billion impairment on the core banking system, ¥40.0 billion for branch consolidation and ¥180.0 billion for unrealized losses on securities. Net income attributable to owners of the parent was ¥96.5 billion, down 83% from ¥576.5 billion the year before. From February to September 2021 a total of eight outages affecting customers occurred, and on November 26 the Financial Services Agency issued a business improvement order. Sakai announced he would take responsibility by resigning.
Career
Career
Mizuho Corporate Bank
| Date | Position |
|---|---|
| Apr 2011 | Executive Officer |
Mizuho Financial Group
| Date | Position |
|---|---|
| Apr 2012 | Executive Officer |
| Apr 2013 | Managing Executive Officer |
| Apr 2015 | Managing Corporate Executive Officer |
| Apr 2018 | Corporate Executive Officer, President |
| Jun 2018 | Director and Corporate Executive Officer, President |
| Feb 2022 | Stepped down as President |
Mizuho Securities
| Date | Position |
|---|---|
| Apr 2016 | President |