Mizuho Financial Group and Sumitomo Mitsui Banking Corp. have proposed that their labor unions accept cuts in winter bonuses of up to 10 percent on a year-on-year basis, industry sources said Saturday.
The banking groups cut winter bonuses by about 10 percent last year.
According to profit forecasts for the first half of the 2002 business year, which started in April, the two groups expect to turn a profit. But they have decided to cut bonuses because their business prospects remain unpromising, the sources said.
Mizuho Financial Group proposed cuts of about 5 percent in bonuses for regular employees, and about 10 percent for those in management positions.
UFJ Bank, which cut employee bonuses by about 20 percent last year, will not change bonuses this year, according to the sources, while Resona Group is still negotiating with its union.
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