Mitsubishi Trust & Banking Corp. will slash employee bonuses for fiscal 2003 by a uniform 20 percent from the previous year to improve earnings, it was announced Friday.
The plan was proposed to the trust bank's labor union earlier in the day, company officials said.
Mitsubishi Trust will promote the reduction of personnel expenses to overcome unfavorable earnings conditions that include worsening deflation, the persistent slump in the stock market and large losses resulting from the disposal of bad loans, they said.