Mizuho unit to cut 5-7 pct of London jobs -source

LONDON, Jan 7 (Reuters) - Mizuho Corporate Bank, part of Mizuho Financial Group (8411.T), plans to cut between 5 and 7 percent of jobs in London, a source familiar with the matter said on Wednesday, which could result in about 50 layoffs.

The bank, which employs around 770 people in London, said: "Yesterday we began the formal process of reducing headcount in our (London) business.

"In common with other financial institutions, we are at present reviewing the costs of the London branch in line with market circumstances to rightsize the business," the bank added.

It has told around 10 employees in the leveraged buy-out business in London that their jobs are at risk, Mizuho Corporate Bank said. It declined to comment further.

The bank has not changed its globalisation strategy and continues to expand. In the past year it opened offices in Dubai and Madrid.

Mizuho International, another arm of the Japanese group, also employs about 400 staff in London. (Reporting by Zaida Espana and Olesya Dmitracova; editing by Elaine Hardcastle)