Mitsubishi UFJ Said to Consider Shrinking Headcount by 10,000 Over Decade
- MUFG considering shrinking workforce by 10,000 over a decade
- Pressure on lending profit, fintech prompting strategic shift
Mitsubishi UFJ Said to Plan Headcount Reduction
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Japan’s biggest bank is set to undergo the most dramatic reduction in headcount since it was formed after the nation’s banking crisis shook the industry almost 20 years ago.
Mitsubishi UFJ Financial Group Inc. is considering eliminating about 10,000 positions -- about 7 percent of its workforce -- over a decade as low interest rates and intensifying competition squeeze profit, people with knowledge of the matter said. That’s more than double the 3,500 full-time roles that President Nobuyuki Hirano said last year MUFG would cut from its main banking unit through natural attrition and less hiring.