Mitsubishi UFJ Financial Group’s securities unit becomes one of the first financial firms worldwide to stop job cuts in the region as its global peers continue their overhauls.
After shedding dozens of jobs across credit trading, equities and structured products in its Hong Kong, Singapore and Sydney offices, Japan’s MUFG will halt job cuts in the securities unit, according to its chief executive Saburo Araki.
«We are done with it – it's over,» said Araki in a «Bloomberg» report. «It must have been painful for employees, but we have carried it through.»
MUFG Securities now houses about 130 employees in Asia ex-Japan, down from 170 in 2018.
MUFG Outlook
Elsewhere, MUFG has also undergone more restructuring including downsizing or scrapping «marginal business» in Europe and North America, such as credit, while eyeing recruitment of experienced wealth advisor in Japan with the hopes of doubling managed assets to about 70 trillion yen ($670 billion).
According to Araki, business for individual investors in its home market has «largely recovered» from April and May during the peaks of social distancing measures.
