Japan’s Largest Bank to Consider Cutting Headcount
Mitsubishi UFJ Financial Group is considering cutting about 10,000 positions over a decade as low interest rates and competition squeeze profit. Mitsubishi UFJ Financial Group says it would cut 120 billion yen of costs over several years such as using financial technology to add digital banking channels and streamline back office functions.
“Mitsubishi UFJ Financial Group says it would cut 120 billion yen of costs over several years.”
Most of the positions being reduced are within Japan, where strict labor laws make it difficult to fire staff.
News Source: Bloomberg
About Mitsubishi UFJ Financial Group
Established in 2005, MUFG is the culmination of the merger
and integration of several financial institutions in Japan, with a history going back over 350 years. Applying this long financial experience while continuously evolving, MUFG has always worked on building long-term relationships with customers and giving back to local communities, contributing to the development of a sustainable society.
- Origin: Tokyo, Japan
- Assets: US$2.46 trillion
- Revenue: JPY 4.49 trillion
- Employees: 106,800
Original Website: http://www.mufg.jp/english/
News & Media: Press Release
Updated on 8th August 2016