MUFG Bank to Scrap 80 More Outlets

Economy

Tokyo, May 20 (Jiji Press)--Mitsubishi UFJ Financial Group Inc. <8306> President Kanetsugu Mike said Monday that core unit MUFG Bank will scrap about 80 more branches in Japan in a bid to cut costs further and improve earnings.

He showed the plan at a meeting with investors. Previously, the bank planned to reduce the number of its domestic branches by some 100 from 500 by fiscal 2023.

In the business year to March, Mitsubishi UFJ Financial's real net profit from its core banking operations fell 25 pct from the previous year.

Mike said that the Mitsubishi UFJ group will join all forces to push ahead with structural reforms.

Mike also said that MUFG Bank will likely be able to reduce its duties equivalent to over 10,000 jobs by fiscal 2023, more than the 9,500 jobs earlier estimated, mainly by automating some of its operations through the use of information technology.

[Copyright The Jiji Press, Ltd.]

Jiji Press