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Fintech forces Japanese megabank Mizuho's hand on job cuts

While peers seek to reduce workloads, lender openly plans to downsize

Mizuho, like its rival megabanks, aims to become a leaner moneymaking machine.   © Reuters

TOKYO -- Looking to adapt to shifting dynamics in the industry, Mizuho Financial Group plans to cut thousands of jobs and close scores of branches -- a drastic move that nevertheless makes sense in light of its perceived rival: low-cost financial technology.

Mizuho, one of three megabanks created during a wave of mergers in the early 2000s, will eliminate 19,000 full- and part-time positions by fiscal 2026 to reduce staffing to 60,000, according to plans announced Monday. Its branch count is to fall by 100-odd locations to around 400 by fiscal 2024.

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