Daiwa, Mizuho to cut more jobs

Kyodo

Daiwa Securities Group Inc. and Mizuho Securities Co. said Tuesday they will cut more jobs as their earnings continue to plunge amid the European sovereign debt crisis.

Daiwa said it will expand its job cuts to 500 from 300 as announced last October, mainly in Europe. Annual cost cuts are estimated to widen by ¥20 billion from an earlier planned level to ¥60 billion.

Mizuho said more than 500 employees have applied to participate in the early retirement program it offered last year for employees in Japan, exceeding the earlier planned level by 200.

The number of its employees will decline by more than 1,000 by the end of March, it said.

Daiwa reported a group net loss of ¥50.36 billion for the first three quarters of its 2001 fiscal year from last April, widening from ¥4.20 billion a year earlier.

Mizuho said its consolidated net loss in the period expanded to ¥63.38 billion from ¥432 million the year before.