Japanese Mega Bank to Beef Up Wealth Unit
Japanese finance giant Mitsubishi UFJ Financial has ambitious plans for its wealth business. The bank wants private wealth to become a key revenue driver.
Tokyo-based Mitsubishi UFJ Financial Group MUFG plans to add up to 100 bankers serving wealthy Japanese customers according to a report by «Bloomberg».
A further 80 bankers will be drafted in to focus on Japan’s super-rich, individuals with assets in excess of 2 billion Japanese yen ($18 million).
According to the «World Wealth Report 2018» presented by Capgemini, Japan only lags the U.S. in registering the second-highest number of millionaires in the world.
Going After Wealth
In response to the changing demographics in the country, MUFG aims to cut 6,000 staff of its 40,000-strong domestic Japanese workforce by the end of 2023 and also plans to eliminate the workload equivalent of 9,500 employees by automating mundane tasks.
«The bank hopes this will make resources available to better serve the bank's wealthier clients,» Kanetsugu Mike, chief executive of Bank of Tokyo-Mitsubishi UFJ, said in a recent interview.
