Mizuho Financial Group (FG) has announced its strategy to enhance operational efficiency through the implementation of artificial intelligence (AI), which is expected to reduce the workload equivalent to 5,000 office jobs over the next ten years. This is a significant cut, considering that the group employs around 15,000 office workers nationwide, meaning about one-third of these positions could be impacted. The move aims to boost their profitability by automating routine tasks, allowing surplus staff to be reassigned to other essential functions.

Currently, office staff at Mizuho's branches, including Mizuho Bank, handle vital tasks associated with account openings, document verification, and data entry. The adoption of AI technology is anticipated to replace many of these responsibilities, effectively reshaping staffing needs within the organization. Importantly, Mizuho FG has emphasized that rather than layoffs, affected employees will be transitioned into roles that require human expertise, such as selling investment products or corporate sales, coupled with training initiatives to facilitate this reskilling.

Mizuho FG is also committing to a substantial investment in AI development, with plans to allocate 100 billion yen (around $900 million) over the next three years. This investment highlights the company’s ambition to lead in the digital transformation of financial services and ensure that their workforce is equipped with the necessary skills to thrive in a technology-driven environment.