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Report: Japanese megabanks to reduce hiring in 2019

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Report: Japanese megabanks to reduce hiring in 2019

Japan's three megabanks — Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. — plan to reduce their number of new hires in April 2019 due to the deteriorating business environment, Jiji Press reported March 24, without citing any sources.

Mizuho Financial is looking to hire about 700 new graduates in April 2019, marking a decline of nearly half of the 1,365 hired in 2018, including at its key units Mizuho Bank Ltd. and Mizuho Trust & Banking Co. Ltd.

In November 2017, Mizuho Financial said it will reduce its workforce by around 19,000 employees by March 31, 2027, as well as close, merge and co-join about 100 branches in Japan by the end of March 2025, in a bid to streamline operations and improve profits.

In addition, Mitsubishi UFJ Financial's core unit, Bank of Tokyo-Mitsubishi UFJ Ltd., will slash new hires by 10% in April 2019 from 1,050 hires in 2018, while Sumitomo Mitsui Financial unit Sumitomo Mitsui Banking Corp. will reduce its new hires from the 810 staff employed in 2018.

For all three megabanks, the planned reduction in the number of new hires is due to a deteriorating business environment, stemming mainly from prolonged ultra-low interest rates, the news outlet reported.