Mitsubishi UFJ Morgan Stanley Securities: To Cut Up To 1,300 Jobs -Source

Date : 10/16/2011 @ 11:29PM
Source : Dow Jones News
Stock : Mitsubishi Ufj Financial Grp., Inc. (MTU)
Quote : 6.34  -0.03 (-0.47%) @ 3:59PM

Mitsubishi UFJ Morgan Stanley Securities: To Cut Up To 1,300 Jobs -Source

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Mitsubishi UFJ Morgan Stanley Securities Co. plans to cut up to 1,300 jobs, or about 20% of its total workforce, in a bid to lower costs, a person familiar with the matter said Monday.

The joint venture, 60%-owned by Japan's Mitsubishi UFJ Financial Group Inc. (8306.TO) and 40% by U.S. financial giant Morgan Stanley (MS), already cut several hundred positions earlier this year by offering early retirement. About 270 employees took early retirement in February.

As of the end of March, the company had about 6,600 employees, but earlier said it aimed to cut this number by about 750.

In an interview in August, the brokerage's president and chief executive, Toshiro Toyoizumi, said the company was considering another round of early retirement in October.

The person familiar with the matter said in the number of applicants for early retirement in October was bigger than expected.

-By Atsuko Fukase, Dow Jones Newswires; 813-6269-2792; atsuko.fukase@dowjones.com

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