MUFG to cut half its securities business staff in HK, Singapore & Sydney

New signage for MUFG Bank Ltd., the main banking unit of Mitsubishi UFJ Financial Group Inc., is displayed in front of the bank's headquarters in Tokyo, Japan, on Sunday, April 1, 2018. Photographer: Akio Kon/Bloomberg

Mitsubishi UFJ Financial Group Inc. is planning to cut about half of its 150-strong workforce at its securities business in Hong Kong, Singapore and Sydney, people with knowledge of the matter said.

Japan’s biggest bank will focus the reductions on sales and trading, the people said, asking not to be identified because the deliberations are private. A final decision may come as soon as Wednesday, they said.

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