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MUFG Rules Out More Cuts at Asia Brokerage After Comeback

  • Bank completed ‘painful’ overhaul, securities unit chief says
  • Aims to trim domestic real estate costs by 40% over four years
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Mitsubishi UFJ Financial Group Inc. is ruling out further job cuts at its brokerage business in Asia after a lengthy overhaul, even as global banks trim headcount during the pandemic.

“We are done with it -- it’s over,” Saburo Araki, chief executive officer of Mitsubishi UFJ Securities Holdings Co., said in an interview. “It must have been painful for employees, but we have carried it through.”