Mizuho Profit Falls as Bank Confirms Thousands of Jobs Will Go
- Japanese bank to eliminate 19,000 positions over a decade
- ‘Growing the top line is difficult,’ Mizuho’s CEO Sato says
Pedestrians walk past a Mizuho Bank Ltd. branch in Tokyo.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
Mizuho Financial Group Inc.’s profit fell and the Japanese bank offered a bleak assessment of the long-term outlook, confirming it will eliminate thousands of jobs to cut costs.
The nation’s third-biggest lender will shed 19,000 positions -- about a quarter of its workforce -- in the next 10 years, it said in a statement, confirming recent media reports. Lending income declined in the fiscal second quarter, underscoring how negative interest rates are making it tougher for Japan’s biggest banks to make money from doling out credit.