MUFG Bank to Halve Hiring of New Grads

Economy

Tokyo, April 2 (Jiji Press)--Major Japanese lender MUFG Bank plans to hire only 530 new graduates in April 2020, down about 45 pct from a year before, informed sources have said.

Sumitomo Mitsui Banking Corp. and Mizuho Financial Group Inc. <8411> also plan to slash their hiring of new graduates, by about 10 pct and 20 pct, respectively, according to the sources.

The cutbacks reflect a challenging earnings environment for Japanese banks amid prolonged low interest rates, as well as the progress of information technology-based automation of banking services.

The combined total of new graduates planned to be hired by the three major Japanese lenders at the beginning of fiscal 2020 stands at around 1,700, down nearly 30 pct from a year earlier. This is less than one-third of the peak total of some 6,000 new graduates hired at the start of fiscal 2007.

On Monday, the first day of fiscal 2019, 960 new graduates joined MUFG, 667 entered Sumitomo Mitsui and about 700 started working for Mizuho.

[Copyright The Jiji Press, Ltd.]

Jiji Press