Japan’s biggest lender plans to slash workforce

TOKYO: - subishi UFJ Financial Group plans to shrink its domestic workforce by Tuesday, tightening payrolls as it by ultra-low interest rates.

some 6,000 of more than 40,000 mainly through natural attrition and greater use of technology.

Japan’s lenders have seen profits squeezed after the Bank of Japan last year adopted a negative interest rate policy to work alongside its massive asset- purchase programme as part of a drive to kickstart lending and stoke inflation.

as its domestic rivals also attempt to streamline their operations to

a chunk of their workforce in the coming years as the country prepares for a wave of retirements of people hired during the economic boom years of the 1980s.

said greater use of digital tech should reduce the workload for its remaining employees.

The firm has seen customer steadily fall as more people use online services.

Financial Group said earlier this month that it aimed to slash 19,000 jobs over the next decade.

what it described as the workload equivalent of 4,000 jobs