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Mizuho Financial may soon make some big changes

After ATM crashes and account mix-ups plagued Mizuho Financial Holdings in April, the world's biggest bank may revamp its operations sooner than previously planned, a major Japanese newspaper reported yesterday.

Japan's Mizuho may now cut 5,000 jobs, or nearly 17 percent of its workforce of 30,000, and shutter 130 of its 618 branches by 2004 -- two years ahead of schedule -- because of concerns that it may be too big for its own good, the national Yomiuri newspaper said, citing unidentified industry sources. The bank may also cut its 123-member board of directors by a third.

Mizuho's change in plans comes after Japan's Financial Services Agency completed an inspection of the bank last week, the daily said. Later this month, the agency, which oversees the nation's banking industry, is expected to order Mizuho to speed its restructuring, it said.
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