UFJ Holdings Inc., one of Japan's top four banking groups, will probably book a net loss of some 100 billion yen for 2003, with its loan-loss charges having swelled to about 1 trillion yen, banking sources said Monday.
The news prompted a selloff of banking shares on the Tokyo Stock Exchange, sending the overall Nikkei average plummeting more than 300 points to a fresh three-month low below 10,600.
The UFJ group's top managers, including UFJ Bank President Masashi Teranishi, are now expected to face pressure to resign.
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