Japan's Mizuho Financial Group Inc said on Monday it plans to cut 3,000 jobs, or about 5 percent of its work force, by March 2016 through the merger of its two banking units.

The merger, in which Mizuho Corporate Bank will absorb its retail counterpart, will help cut about 40 billion yen ($519 million) of the two banks' combined annual expenses, it said.

($1 = 77.070 Japanese Yen)

(Reporting by Mayumi Negishi)