Mitsubishi UFJ Group will shave around 60 jobs in Hong Kong, Singapore and Sydney, according to an internal memo, amid headwinds in global sales and trading.
The cuts will equate to less than 40 percent of its workforce in its securities units in the three locations. Within the business, credit trading, equities and structured products team will be affected, said the memo seen by «Bloomberg».
The cuts fall short of original reports that the Japanese financial giant had plans to halve the Asia ex-Japan securities workforce.
In addition, clients outside Japan will no longer receive services for G-3 rates on all currencies except the yen, the memo added.
Strategic Relocations
The firm is currently relocating functions to Tokyo and Hong Kong, sources added, and those that turn down such offers may also leave.
MUFG is already in the process of making various strategic relocations. Aside from current proceedings, the firm already moved its Hong Kong-based rates trading desk to London earlier this year due to lacking operational cost efficiency. It is also preparing to cut 50 managerial positions in London with a securities unit set up in Amsterdam as a post-Brexit solution.
