TOKYO (AFP) – 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 Sunday (Oct 29).
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 in Tokyo declined to comment on Monday, saying that the firm is “discussing various issues”.
The report follows announcements of major job cuts by Mizuho’s rivals.
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.