Ja­pan’s Mizuho eyes cut­ting work­force ‘by one-third’

The Nation - - WORLD BUSINESS -

Ma­jor Ja­panese bank Mizuho Fi­nan­cial Group is con­sid­er­ing slash­ing its global work­force by about one-third over a decade, re­ports said, as it looks to re­place cler­i­cal jobs with ar­ti­fi­cial in­tel­li­gence and other tech­nol­ogy.

The lender is look­ing at chop­ping 19,000 jobs from its cur­rent ros­ter of around 60,000 em­ploy­ees in Ja­pan and over­seas by March 2027, the top-sell­ing Yomi­uri news­pa­per said.

It is also eye­ing the clo­sure of as many as 30 branches in Ja­pan, out of a to­tal of around 800, the Asahi news­pa­per said.

A Mizuho spokesman said yes­ter­day that the firm is “dis­cussing var­i­ous is­sues”.

Ja­pan’s lenders have seen prof­its squeezed af­ter the Bank of Ja­pan last year adopted a neg­a­tive in­ter­est rate pol­icy to work along­side its mas­sive as­set-pur­chase pro­gramme as part of a drive to kick­start lend­ing and stoke in­fla­tion.

In Septem­ber, Mizuho ri­val Mit­subishi UFJ Fi­nan­cial Group said that it planned to cut about 9,500 jobs, or around one quar­ter of its work­force, within seven years.

Fel­low bank­ing gi­ant Su­mit­omo Mit­sui said in May it would re­duce the work­load equiv­a­lent of 4,000 jobs by March 2021. – AFP

Newspapers in English

Newspapers from Thailand

© PressReader. All rights reserved.