Japan Post Holdings Co. has received a proposal by a group company to cut 10,000 jobs, as the scandal-hit company seeks to offset deteriorating earnings in the financial business by slashing labor costs, a source close to the matter said Monday.
Japan Post Bank Co., a unit of the former state-owned postal and financial giant, is eyeing the dismissal of 10,000 post office workers, or 5 percent of the total workforce at Japan Post Co., another unit of the group, the source said.
The postal service unit garners a large part of its revenue through fees paid by the banking unit and another financial group company, Japan Post Insurance Co., via sales of their products through some 24,000 post offices nationwide.