Japan’s MUFG bank plans more staff cuts, totalling 8,000 by 2023: Yomiuri By Reuters

April 26, 2020 admin Stock News 0

© Reuters. FILE PHOTO: A branch of the Mitsubishi UFJ Financial Group’s bank of Tokyo-Mitsubishi UFJ in Tokyo

TOKYO (Reuters) – The banking arm of Mitsubishi UFJ Financial Group Inc (T:)

is planning to reduce staffing levels by another 2,000 people by fiscal 2023, the Yomiuri daily reported on Sunday, highlighting its struggle to maintain profits amid ultra-low interest rates.

Japan’s largest lender by assets had announced in 2017 that it expected 6,000 job losses through attrition by fiscal 2023. The additional 2,000 would result from a reduction in the number of new recruits, the paper said.

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