Mizuho Financial Group Inc. is considering cutting about 19,000 employees in Japan and abroad over a 10-year period, accounting for one-third of its entire labor force, a source familiar with the matter said Saturday.
The reduction at one of Japan's mega-bank groups is in line with cost-cutting measures it is taking to cope with low interest rates.
The source said the group's workforce of around 60,000 is expected to drop to 40,000 after the move. Mizuho is also unlikely to solicit applicants in Japan for early retirement, according to the source.
While Mizuho is streamlining operations through information technology solutions, it is also leaning toward job cuts.