MUFG’s securities JV cuts staff in Tokyo equities team

MUFG’s securities JV cuts staff in Tokyo equities team

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.’s securities joint venture with Morgan Stanley is cutting equities staff in Tokyo, including several managers, people with knowledge of the matter said.

Managers Yasutaka Takedomi and Toru Kaneda are among five to 10 employees in the sales trading team who are leaving Mitsubishi UFJ Morgan Stanley Securities Co., the people said, asking not to be identified because the matter is private. A few research analysts are also departing as the firm seeks to cut costs in the equities business, one of the people said.

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