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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Mitsubishi UFJ to cut 1,000 jobs, close 50 branches AFP - Monday, March 23 TOKYO (AFP) - - Japan's biggest bank Mitsubishi UFJ Financial Group, struggling to return to profit, said Monday that it would cut 1,000 jobs and close 50 branches over three years in a bid to cut costs. ADVERTISEMENT The megabank will shed the jobs through retirement and reducing hiring, said a company spokesman who declined to be named. The bank will also shut down about 200 automated teller machines, he said. "This is part of our efforts to streamline our operations in order to maximise the effect of our merger," the spokesman said, denying the cuts were prompted by the global financial crisis. MUFG was formed in October 2005 through a merger between Mitsubishi Tokyo Financial Group and UFJ Holdings. The bank, which bought a chunk of troubled Wall Street titan Morgan Stanley last year, lost 42 billion yen (437 million dollars) in the nine months to December, hit by slumping stock markets and the credit crunch. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business FTSE up as U.S. bank plan lifts banks, commodsReuters - Tuesday, March 24 Over a third of Indian firms see worse ahead - surveyReuters - Tuesday, March 24 Tiffany 4Q profit sinks, still beats viewAP - Tuesday, March 24 Lebanon economy indicating 4 pct growth in 09-cbankReuters - Tuesday, March 24 Nippon Steel, BMA agree 57 pct cut in coal priceReuters - Tuesday, March 24 Enlarge Photo Mitsubishi UFJ to cut 1,000 jobs, close 50 branches Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed British reality TV star Jade Goody dies of cancer Prince Charles blue over green crusade Madoff loses bail appeal as victims' rage revealed Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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