Japanese financial service firm Mizuho will axe 19,000 jobs over the next 10, thereby reducing its workforce from current 79,000 to 60,000 by 2027.

The cut is part of the company’s cost cutting programme that Mizuho believes will enable it remain profitable and competitive amid growing competition.

As part of the cost-cutting drive, the bank will also downsize its branch network by 100 from current 500 branch network. Additionally, Mizuho will also streamline IT systems across the group.

Mizuho announced the ambitious cost-cutting plan during its second quarter financial results.

In a statement, the bank said: “While the One Mizuho strategy focusing on meeting customer needs is performing well, Mizuho’s earnings are experiencing a declining trend. Reinforcement of expense control and earning power are necessary.”

Mizuho CEO Yasuhiro Sato commented that Mizuho is “very alarmed by the prospect of new entrants overrunning traditional banking operations like remittances and payments”.