Mitsubishi UFJ to shut 50 branches

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Mitsubishi UFJ
Tokyo, Mar 23: Japanese banking major Mitsubishi UFJ Financial Group Inc on Monday, Mar 23 said it is planning to close 50 branches and slash 1,000 jobs over the next three years.

According to a report by the Wall Street Journal, the biggest bank of Japan in terms of assets, is planning to reduce headcount and shut down about 50 branches over a period of three years as part of its ongoing effort to cut costs.

MUFJ has stopped short of laying off people and would instead eliminate 1,000 jobs through natural attrition and move another thousand into new positions within the group.

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