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MUFG securities arm cuts equities staff in Tokyo
[TOKYO] Mitsubishi UFJ Financial Group's (MUFG) 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, 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.
A Tokyo-based spokesman declined to comment, and efforts to reach Mr Takedomi and Mr Kaneda were unsuccessful.
Banks around the world have been shrinking stock teams as electronic trading and tougher regulations squeeze profitability. Mizuho Financial Group saw the exit of several senior managers at its equity business in Japan last year, Bloomberg reported at the time.
MUFG, Japan's biggest bank, has already been trimming staff at its securities operation abroad. In September, it cut dozens of jobs in Hong Kong, Singapore and Sydney following a review of the group's struggling global sales and trading business.
Nomura Holdings, Japan's biggest securities firm, cut equities positions abroad last year as part of a US$1 billion restructuring plan at its global wholesale division. Last month, HSBC Holdings said it will reduce its sales and trading and equity research operations in Europe, a component of its latest overhaul.