Photo/IllutrationYasuhiro Sato, president and CEO of Mizuho Financial Group Inc., announces plans to reduce its work force by more than 20 percent at a news conference in Tokyo on Nov. 13. (Tatsuro Kawai)

Mizuho Financial Group Inc. will slash about 19,000 jobs and close around 100 operational bases over the next 10 years because of declining profits stemming from ultra-low interest rates, the megabank said.

Mizuho on Nov. 13 announced its restructuring plan along with its earnings report for the April-September half of fiscal 2017.

The group plans to reduce its total global work force of 79,000 by more than 20 percent by the end of March 2027, but it will not solicit voluntary retirement.

Instead, it will reduce its payroll through the expected increase in retirements among those who gained employment through mass in the bullish days. The group will also reduce the number of fresh hires.

In addition, it will temporarily transfer employees to companies outside the group.

Mizuho has about 500 operational bases that oversee around 800 outlets of its group companies, including Mizuho Bank, Mizuho Trust & Banking Co. and Mizuho Securities Co.

The network will be downsized by about 100 bases, or 20 percent, by the end of March 2025.

Domestic earnings in the banking business have declined as the population shrinks and negative interest rates have been imposed on part of Mizuho’s deposits at the Bank of Japan.

Net profit in the April-September period at Mizuho fell by more than 10 percent from the same period last year to 316.6 billion yen ($2.78 billion), according to the earnings report.

Mizuho’s domestic outstanding lending posted nearly flat growth while lending margins continue to shrink due to ultra-low interest rates.

Growth in overseas lending has also slackened in recent years for the Mizuho Financial Group.