Mizuho's Cost-Cutting Plans Look Laudably Aggressive, but May Not Come Soon Enough
We lower our fair value estimate for no-moat Mizuho Financial Group to JPY 175 from JPY 199 as we roll our model forward and incorporate information from the new five-year business plan.Mizuho on May 22 held a briefing to discuss the plan, aimed at first stopping and then reversing the trend of declining profits that has affected it even more severely than other large Japanese banks. Like megabank rivals Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, Mizuho’s net interest ...
Mizuho Financial Group is a financial holding company with total assets of Y204,255,642 million as of Mar 31 2018. Retail & Business Banking Company provides financial services for individual customers and SMEs. Corporate & Institutional Company provides financial services for large corporations, financial institutions and public corporations. The Global Corporate Company provides financial services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers. Global Markets Company invests in financial products with market risk. The Asset Management Company develops financial products and provides financial services for individuals and institutional investors.
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