Japan's staff-heavy banks downsize and turn to technology for survival

Pedestrians walk past bank signboards in central Tokyo. The industry is at a crossroads as the central bank maintains an ultraeasy monetary policy and new technology sees growing prominence in the sector. | BLOOMBERG

By Alex K.T. Martin
Staff Writer

Feb 12, 2018

These are tough times for banks.

As the Bank of Japan's prolonged ultra-easy money policy weighs on earnings, the emergence of technology like artificial intelligence is transforming the mechanics of financing and threatening to replace thousands of roles with automated systems.

The nation's major banks have announced restructuring measures including downsizing to deal with the situation and are rushing to catch up with digital innovations, but some critics say it could be too late in the game.

Banks at a crossroads

Japan's staff-heavy banks downsize and turn to technology for survival

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