Mitsubishi UFJ to axe 1,000 jobs

Mitsubishi UFJ Financial Group Inc said yesterday it will shutter dozens of branches and cut 1,000 jobs as part of continuing efforts to streamline operations since Japan's biggest bank was formed through a merger three years ago.

Its core unit, the Bank of Tokyo-Mitsubishi UFJ, will close 50 domestic branches, eliminate 200 ATM locations and reduce its payroll by 1,000 positions through natural attrition over the next three years, said company spokesman Takashi Miwa. It has already closed about 70 branches and now operates about 670 outlets.

The bank will also transfer another 1,000 employees from its headquarters in Tokyo to local branches. The combined moves will lower headcount at the bank's main office by a third, Miwa said.