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© 2011 AFPMizuho to merge units, cut 3,000 jobs
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© 2011 AFP
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gyouza
Is it about 15 years after Daiichi and Fuji merged that they are now consolidating operations? Must be the slowest merge on record?
ironchef
ok, here is the answer: common functions at Mizuho--crap management. Integrate them and can them all. THey definitely are not productive. Mizuho-corporate scum at its best.
PeregrineSmythe
Wonder if they'll ever get round to having ATMs that serve after 9pm on a weekend?
For sure they are the lousiest bank in Japan. That's really saying something.
buggerlugs
And so it begins... I predict this will be the first in a long line of corps cutting staff to "streamline" their business and all the while damaging the economy with a deadly spiral such as we can see in the US and Europe. The corporate fat cats will continue to take their massive salaries and bonuses while regular people will be hurt because of a lack of jobs and an increase in taxes imposed by stupid governments to help cover the costs of an ever increasing unemployed population. Good bye economy... It was nice knowing you.
naruhodo1
Anyone who has ever lived/worked in Japan knows how unproductive employees are. This should have happened a very long time ago. Japanese people better start to learn how to effeciently work, otherwise they are in trouble. I dont see them falling to US/Europe crises level for another 15/20 years and by then I would have moved on. But for the short term we are going to see a very slow downward spiral unless something starts changing (and i believe in 10 years all the old farts with old mentality will all have retired making way for the next generation).
tmarie
About time. Companies here are so overstaffed it isn't funny. It means huge staff cuts, a raising unemployment rate but honesty in the issues companies in Japan faces and hopefully (ha!) a wake up call to Japan inc and the government.
JeffLee
I wonder how the layoffs will be implemented? If it's the usual Japanese method, early retirement, etc., then the young unproductive workers will still be there, while the talented among the middle aged ones will be gone.
tmarie
Jeff, talented middle aged?? Some of the young ones are talented. They need to get rid of the dead weight regardless of age. They tend to be the annoying 50 year old managers who think they are gods and do pretty much nothing but bully the younger staff.
ironchef
Why are you so against a company being overstaffed ? Is it taking away from your income? I can understand if you own Mizuho stock, but still.. It amazes me how people here just talk about cutting staff as if there is not a human being at the other end of that knife.
naruhodo1
Ironchef, when such companies waste money by overstaffing, needles paying overtime and unreal bonuses start going under like JAL for example, govt bails them out with tax money. Besides, have u ever wondered why everything is so expensive here as opposed to buying the same product overseas and without taking exchange rates into this equation? Because cost of doing business from pointless expenses get passed on to the consumer by charging more for a product.
naruhodo1
But then again, one could argue this style of over staffing, wasteless spending on salaries and bonuses is a good thing because in a Japanese society they are shopaholoics and love spending on domestic products which as i always say CONSUMER SPENDING is the economy.
ironchef
well, although that makes sense, how many companies in Japan other than JAL have been bailed out recently? not many, unlike the U.S. Things are expensive here in Japan because of the protectionism by the govt of, for example, farmers and manufacturers, hence Japan imports stuff at crazy 500% markups.
You basically hit it on the head, if you increase the number of employed workers, consumer spending increases, velocity increases, more money gets spread out to more parts of the country, economy picks up. The problem these days is that companies are hoarding all that cash that the govt gave to them. WTF is with that? the govt gave them the money to be used and to disperse to the economy. Mizuho has lots of cash, use it!
naruhodo1
Im not too sure about tarrifs, especially when it comes to electronics or manufacturing sector. Whats the point of WTO? I tried googling and wikiedia. But...WTO site had downloadable but im on keitai and cant b botheted. Anyway, I can understand subsidies but not tarrifs. Just doesnt make sense bevause other countries would do the same on j products in retaliation. I believe consumers in Japan prefer domestic products and are willing to pay the price. Just demand. There wasnt much demand for ¨inferior ¨ imports. Its starting to pick up now. Bonuses are shriking and consumers demanding cheaper goods. I mean most textiles are chinese. Uniqlo clothing all made in china. What about the beef thing a few years back. Japan used the mad cow issue as a tool to ban US imports. WTO wasnt too happy.
tmarie
Overstaffed means they need to pay more salaries which means prices are higher. As already pointed out, don't you wonder why things are services are way more expensive here than other places? Maybe if they cut the unneeded staff, they can stop charging me for taking money out of my account?
There is no need for construction companies, banks, grocery stores... to have those little men with batons. Cut them, lower the prices? The same can be said for all the OLs and needed front desk staff. They aren't "that" busy.
Japan needs to start investing in adult education with all these layoffs coming!
YuriOtani
tmarie, what would you "educate" them to do? Education alone does not mean jobs, the heads of the corps want to outsource all of the jobs to the 3rd world. They do not care about their employees only the "bottom" line.