Japan bank Mizuho says to slash 19,000 jobs

 13 Nov 2017 - 14:02

Japan bank Mizuho says to slash 19,000 jobs
Mizuho Bank's signboard is pictured in Tokyo, Japan, January 25, 2017. REUTERS/Kim Kyung-Hoon/File Photo

AFP

Tokyo: Major Japanese bank Mizuho Financial Group said Monday it aimed to slash 19,000 jobs over the next decade as it announced a 12-percent drop in its first-half profits.

The lender said it would cut its current workforce of around 79,000 in Japan and overseas by about a quarter by March 2027 and shut down 100 domestic locations.

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 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 will reduce what it described as the workload equivalent of 4,000 jobs by March 2021.