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Mizuho’s Investment Bank Weighs European Cost Cuts to Stem Losses

  • Brokerage needs to ‘rightsize’ expenses, CEO says in interview
  • Firm has made no decision on job reductions in region
Yoshiro Hamamoto
Yoshiro HamamotoPhotographer: Shoko Takayasu/Bloomberg

Mizuho Financial Group Inc.’s investment banking arm is reviewing ways to cut costs in Europe as it seeks to turnaround the loss-making business in the region, according to the unit’s top executive.

“We can’t leave the situation as it is,” Yoshiro Hamamoto, chief executive officer of Mizuho Securities Co., said in an interview. “We need to take steps to rightsize our expenses while at the same time working to maximize our revenue.”