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Economy

Japan's megabanks to automate around 30,000 jobs' worth of work

Traditional business model seen as incapable of delivering higher profits

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

TOKYO -- Japan's three biggest banks are mapping out sweeping reforms designed to smash their profit limitations.

Mizuho Financial Group aims to automate a workload equivalent to 8,000 jobs by fiscal 2021, and 19,000 jobs by fiscal 2026. The institution's net profit likely dropped 20% on the year in the April-September period, and its planning division is leading a drive to get on the right track. Starting early this coming week, a draft blueprint is to be discussed companywide. 

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