Mitsubishi UFJ Morgan Stanley Co. said it plans to quadruple job cuts to about 1,300 in Japan after employees who accepted an early retirement offer exceeded the brokerage's initial estimate.
The joint venture between Mitsubishi UFJ Financial Group Inc. and Morgan Stanley will cut the jobs by Jan. 31 to eliminate personnel costs, said Hiroaki Konishi, a Tokyo-based spokesman at the firm. The brokerage, which employed about 6,500 workers as of the end of June, said in July it may cut about 300 jobs.
Mitsubishi UFJ Morgan Stanley is reducing jobs and raising capital after posting a loss of ¥145 billion ($1.9 billion) last fiscal year hurt by wrong-way bets on fixed-income products.
The Tokyo based-joint venture has already cut about 270 workers through an early retirement offer made in February targeting employees aged 45 to 57.
More people applied for the voluntary leave as the brokerage offered a "higher level of extra retirement payments," the Nikkei newspaper said Monday, without saying where it obtained the information.