(Updates with cost-cutting target in the second paragraph.)
Oct. 3 (Bloomberg) -- Mizuho Securities Co., a unit of Japan’s third-largest banking group, said it will eliminate about 700 jobs, 10 percent of its workforce, and temporarily cut salaries for the top two executives to improve profitability.
Mizuho will begin offering an early retirement program to 300 people this month and cut a further 400 through unspecified measures to trim personnel expenses, the brokerage said on its website today. It plans to reduce costs by 15 percent for the fourth quarter from a year earlier, according to the statement.
“We see the severe business environment continuing and decided to carry out this reconstructing program,” the Tokyo- based firm said in the statement.
The unit of Mizuho Financial Group Inc. will reduce pay for Chairman Keisuke Yokoo and President Hiroshi Motoyama by 25 percent each month for the six months ending March 31, it said.
--Editors: Russell Ward, Linus Chua
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