Mizuho to cut 5,000 clerical jobs as AI rollout expands

Feb. 27 (Asia Today) -- Mizuho Financial Group said it will reduce up to 5,000 clerical positions over the next decade as it accelerates the adoption of artificial intelligence across its operations, in a bid to improve profitability.

The Japanese megabank plans to shrink its nationwide administrative workforce of about 15,000 by as much as one-third through automation, organizational streamlining and natural attrition.

Under the plan, its core unit Mizuho Bank will deploy AI systems to handle document verification for account openings and fund transfers, as well as customer data registration. The bank aims to sharply reduce manual tasks such as document review and data entry.

An executive at the group said AI use could render "most clerical work unnecessary," as automated systems take over scanning, analyzing and validating customer applications.

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The AI platform will be designed to review document accuracy, ensure consistency in customer information and check compliance with regulations and internal rules - processes that previously required multiple staff members.

The bank said it will avoid direct layoffs and instead reassign affected employees to revenue-generating areas such as branch sales, corporate client analysis and operational support. The group will also expand reskilling programs to help workers transition into new roles. Staff reductions will rely on hiring freezes, retirements and voluntary departures.

Mizuho has already cut about 10,000 clerical jobs over the past decade through digitalization and expansion of online services. The latest plan signals a further shift away from back-office-heavy operations toward a leaner, AI-driven structure.

As part of an organizational overhaul set for April, the group will rename its "Administrative Group" to "Process Design Group," reflecting a stronger emphasis on efficiency and digital process management.

The bank plans to invest up to 100 billion yen ($670 million) over three years from 2026 through 2028 to develop and implement AI systems. In addition to back-office automation, the investment will support the development of AI assistants for asset management. The tools are expected to analyze customers' assets, risk profiles and cash flows to generate personalized investment and cash management proposals for retail and corporate clients.

Among Japan's major megabanks, Mizuho is seen as the most aggressive in restructuring its clerical workforce around AI. Industry observers say the move could accelerate similar changes across the country's financial sector.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260227010008338