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RETAIL BANKING | Staff Reporter, Japan

Mizuho to axe a quarter of its workforce over 10 years

Lending profit already dropped 2.8% in the fiscal second quarter.

According to Bloomberg, 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," said Bloomberg.

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