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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Post Holdings Co., Ltd.    6178   JP3752900005

JAPAN POST HOLDINGS CO., LTD.

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Japan Post : gets proposal to cut 10,000 jobs amid falling revenue

03/23/2020 | 10:03am EST

Japan Post Holdings Co. has received a proposal by a group company to cut 10,000 jobs, as the scandal-hit company seeks to offset deteriorating earnings in the financial business by slashing labor costs, a source close to the matter said Monday.

Japan Post Bank Co., a unit of the former state-owned postal and financial giant, is proposing dismissing 10,000 post office workers, or 5 percent of the total workforce at Japan Post Co., another unit of the group, the source said.

The postal service unit garners a large part of its revenue through fees paid by the banking unit and another financial group company, Japan Post Insurance Co., via sales of their products through some 24,000 post offices nationwide.

According to the latest earnings of Japan Post Holdings released last month, the banking and insurance units are forecast to post a drop of 23 percent and 13 percent in revenue for the fiscal year to March respectively.

Their revenues are not expected to recover anytime soon as they have halted financial-product sales after a scandal came to light last year involving fraudulent sales of investment trust funds and insurance policies at post offices.

The Financial Services Agency late last year ordered the two units to suspend new sales of insurance products. While the ban was lifted, they have continued self-imposed restrictions on new sales.

Even before the ban was imposed, financial institutions have seen their profit margins squeezed by years of low interest rates under the Bank of Japan's ultraeasy monetary policy.

The postal service unit is opposed to the proposed job cuts, saying it is not feasible. The idea has not been officially discussed at a board meeting of Japan Post Holdings, the source said.

The labor union of Japan Post Holdings said it has received no official proposal of job cuts.

Japan Post Holdings was privatized in 2007 with 57 percent owned by the government.

==Kyodo

© Kyodo News International, Inc., source Newswire

Stocks mentioned in the article
ChangeLast1st jan.
JAPAN POST HOLDINGS CO., LTD. -1.03% 798.4 End-of-day quote.-22.18%
JAPAN POST INSURANCE CO., LTD. 0.00% 1800 End-of-day quote.-3.33%
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More news
Financials
Sales 2021 11 508 B 111 B 111 B
Net income 2021 359 B 3 450 M 3 450 M
Net Debt 2021 36 992 B 355 B 355 B
P/E ratio 2021 8,88x
Yield 2021 6,31%
Capitalization 3 206 B 30 817 M 30 786 M
EV / Sales 2021 3,49x
EV / Sales 2022 3,75x
Nbr of Employees 245 472
Free-Float 31,0%
Chart JAPAN POST HOLDINGS CO., LTD.
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Technical analysis trends JAPAN POST HOLDINGS CO., LTD.
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 866,25 JPY
Last Close Price 792,80 JPY
Spread / Highest target 45,1%
Spread / Average Target 9,26%
Spread / Lowest Target 0,91%
EPS Revisions
Managers
NameTitle
Hiroya Masuda President & Chief Executive Officer
Yasuo Suzuki Director & Representative SEVP
Akio Mimura Independent Outside Director
Tadashi Yagi Independent Outside Director
Kunio Ishihara Independent Outside Director
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