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.
