, Columnist
Japan's Megabanks Have a Giant Problem
Mitsubishi UFJ, Sumitomo Mitsui and Mizuho need to cut more jobs.
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Japan's megabanks have a problem. They just can't seem to bring costs down fast enough.
Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. may have surprised investors by reporting increases in second-quarter profit Tuesday, but years of near-zero rates and sluggish revenue growth have left them with unsustainable payrolls.