Mizuho to Cut Branches in Japan by 130

Economy

Tokyo, May 14 (Jiji Press)--Mizuho Financial Group Inc. <8411> plans to reduce the number of its branches in Japan by some 130 by the year ending in March 2025, informed sources said Tuesday.

This is a 30 pct expansion from the Japanese banking group's previous goal of cutting the number by 100.

The company currently has a total of about 500 branches in its banking, trust banking and securities operations across the country.

The expansion of the restructuring plan reflects a change in the operational environment since the previous goal was announced in November 2017.

Mizuho also plans to double its consolidated net business profit to some 900 billion yen in the year ending in March 2024 from 457.8 billion yen six years before.

[Copyright The Jiji Press, Ltd.]

Jiji Press