Japan's Mizuho Financial Group slashed its full-year profit outlook by 86 p...
FILE PHOTO: A pedestrian is reflected in a sign showing the logo of the Mizuho Financial Group Inc. outside its headquarters in Tokyo, Japan, May 15, 2015. REUTERS/Yuya Shino/File Photo
TOKYO - Japan’s Mizuho Financial Group slashed its full-year profit outlook by 86 percent, citing one-time restructuring costs of 680 billion yen at its bank and brokerage units and an overhaul of its securities portfolio. Japan’s second-largest bank by assets said it expects 80 billion yen in net income for the year to end-March, instead of 570 billion yen it had predicted earlier.
Mizuho said it would book about 500 billion yen worth of impairment losses on fixed assets, including costs from closing retail branches at home and software-related expenses.“Amid growing uncertainty in financial markets ... the company will implement the restructuring of its securities portfolio in respect of past investment in foreign bonds,” it said in a statement.
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