Japan’s Mizuho Bank announced that it will cut 19,000 jobs by 2027.
Two other major Japanese banks, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, will also be cutting jobs over the next few years. A total of 33,000 people will lose their jobs as a result of these layoffs by the three major Japanese banks.
This follows the news from Nordea Bank, headquartered in Stockholm, which last week announced that it was eliminating 6,000 jobs by 2020.
The job reductions will follow the banks’ efforts to digitize their services and increase their reliance on automation and artificial intelligence technology.
Read more at Straight Times and Finextra.