Japan's biggest bank offers redundancy to hundreds of managers in London

[TOKYO] Mitsubishi UFJ Financial Group, Japan's biggest bank, is offering voluntary redundancy to hundreds of managers at its UK office in a bid to cut costs.

The program will target its 500 directors and managing directors in London, MUFG said in an emailed statement, confirming an earlier Financial News report. Applications will be accepted until the end of July and the number of retirees will be decided on that basis, a person with knowledge of the matter said.

"We have implemented this voluntary retirement programme to enhance our competitiveness given the severe business environment, such as persistently low interest rates," the bank said in the statement. "We remain committed to London and the European region, and wish to make further contributions to this important market."

Brexit wasn't a factor in the decision, Financial News reported earlier. London is MUFG's base for its business in Europe, the Middle East and Africa, where it employs about 2,000. Its businesses in the region offer services ranging from corporate finance to structured finance and capital markets.

BLOOMBERG