MUFJ Morgan Stanley Offers Buyout Packages

Economy

Tokyo, Feb. 18 (Jiji Press)--Mitsubishi UFJ Morgan Stanley Securities Co. is offering buyout packages to employees aged 45 years or older in Japan, company officials said Monday.

The job cut is apparently aimed at improving profitability as the Mitsubishi UFJ Financial Group Inc. <8306> unit faces challenges, such as competition with online securities firms.

The program, covering employees aged between 45 and 59 as of June this year, includes additional retirement allowances and support for starting companies and changing jobs.

The company offered buyout packages twice last year.

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