Skip to content

Subscriber Only

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

By

Takashi Nakamichi and

Takako Taniguchi

October 22, 2020, 3:00 PM UTCUpdated onOctober 23, 2020, 12:19 AM UTC

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.”