April 9, 2019 / 11:06 AM / 7 months ago

Japan's MUFG considers scaling back overseas markets division -sources

TOKYO, April 9 (Reuters) - Mitsubishi UFJ Financial Group is considering scaling back its bond and equity sales and trading operations in London and New York, as part of a broader restructuring of its global markets division, two sources said on Tuesday.

MUFG, Japan’s biggest bank by assets, will also overhaul its Japanese equity business at home and overseas. The move comes after Japanese brokerage Nomura Holdings last week said it would cut $1 billion in costs from its wholesale business and shut domestic retail branches.

MUFG has yet to finalise the plans, the sources said, declining to be identified because the information was not yet public. The size of the likely reductions was not clear. It was also not clear how many people were employed in the those divisions.

A representative for MUFG said the bank was progressing in its structural reform plans, but declined to comment further. (Reporting by Taro Fuse; Writing by David Dolan; Editing by Kirsten Donovan)

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