Mizuho Financial to cut 3000 jobs: report

Mizuho Financial to cut 3000 jobs: report

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(Global Markets) - As part of the restructuring related to the merger of its two banking units, Mizuho Financial Group Inc (8411.T) will cut 10 percent of its workforce, or 3,000 jobs, by end of fiscal 2015, The Nikkei said.

The merger will help cut the combined bank's annual expenses, which currently stands at about 800 billion yen ($10.38 billion), by about 40 billion yen ($519 million) by fiscal 2015, the business daily said.

The financial group's board is set to approve the merger on Monday, where Mizuho Corporate Bank will absorb its retail counterpart and the combined entity will be known as Mizuho Bank, the Nikkei said.

($1 = 77.070 Japanese Yen)

(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Supriya Kurane)