Japan megabank to cut 1 000 jobs

Japan’s biggest bank Mitsubishi UFJ Financial Group, struggling to return to profit, said on Monday that it would cut 1 000 jobs and close 50 branches over three years in a bid to cut costs.

The megabank will shed the jobs through retirement and reducing hiring, said a company spokesperson who declined to be named.

The bank will also shut down about 200 automated teller machines, he said.

“This is part of our efforts to streamline our operations in order to maximise the effect of our merger,” the spokesperson said, denying the cuts were prompted by the global financial crisis.

MUFG was formed in October 2005 through a merger between Mitsubishi Tokyo Financial Group and UFJ Holdings.

The bank, which bought a chunk of troubled Wall Street titan Morgan Stanley last year, lost 42-billion yen ($437-million) in the nine months to December, hit by slumping stock markets and the credit crunch.—Sapa-AFP