Mitsubishi UFJ Securities mulls cutting workforce in Hong Kong, Singapore, Sydney
SINGAPORE, NNA - Japan’s Mitsubishi UFJ Securities Holdings Co. is moving ahead with plans to cut securities staff people in Singapore, Hong Kong and Sydney as part of a restructuring plan.
The employees to be affected are based at the offices of MUFG Securities Asia Ltd. Half of the approximately 150 jobs in total at these offices are under review, according to media reports.
“We are considering reducing the workforce,” a Mitsubishi UFJ Securities Holdings spokesman told NNA on Friday. Mitsubishi UFJ Securities Holdings oversees the securities operation.
“It is part of our strategy,” the spokesman said. “That is to review and rationalize our business on a global scale with the aim of maintaining our competitiveness.”
As a staffing review is still going on, he said, the holding company cannot go into detail.
Employees who trade bonds and securities may be cut, per some reports. The spokesman anticipated no change. “Over-the-counter services in the Asian region will be maintained at the status quo,” he said. “There is no change in our emphasis on Asia.”