【Thinking Power】Significant Transformation: Banking Industry
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Now, the theme this time isthe banking industry.
The banking industry is facing two major headwinds.
1) The Bank of Japan's low interest rate policy
2) Advances in AI technology
As a result,
★ About half of regional banks are not making profits from their core business.
★ It seems that Mizuho Bank Group expects 19,000 jobs to disappear over the next 10 years.
★ Sumitomo Mitsui FG is streamlining 4,000 jobs.
★ Mitsubishi UFJ Trust Bank will close 20% of its branches. In addition, it is withdrawing from new housing loan business.
In the first place, Japan, which is much smaller than the United States, had too many banks.
With the low interest rate policy of the Bank of Japan layered on top of that, financial reorganization has been accelerating.
This trend is not limited to Japan alone.
Nordea Bank in Sweden also announced 6,000 job cuts last week.
Nordea's CEO Kasper von Koskull says, "In ten years, the workforce may be half of what it is now."
Industry structures, etc., are undergoing drastic changes in this world, aren’t they?
Note) The above reflects my personal views and is intended solely to improve financial literacy. Therefore, it is not created for investment solicitation. Please make your final investment decisions at your own responsibility.
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