'We’re discussing which operations might be cut back'.
Bloomberg News reports that Mitsubishi UFJ Financial Group is considering job cuts at its securities operations overseas to keep them profitable.
The brokerage arm of Japan’s biggest bank may reduce headcount in the U.K. and the U.S., reflecting market conditions, Mitsubishi UFJ Securities Holdings Co. CEO Officer Saburo Araki said, without giving details. The firm had 605 employees in Europe and 469 in the Americas as of March.
“We will slide into the red all too soon if we have a large headcount when the market is quiet,” Araki, 60, said in a recent interview in Tokyo. “We’re discussing which operations might be cut back and whether we should make some reductions in London and the Americas.”
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