Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest publicly traded bank, reduced the number of Asian equity research analysts at its brokerage unit in Hong Kong to cut costs.
Mitsubishi UFJ Securities Holdings Co. fired an undisclosed number of analysts in the city from a previous headcount of about 10, said Hiroaki Konishi, a Tokyo-based spokesman. It will keep a few analysts in Hong Kong, he said.
Mitsubishi UFJ is seeking to trim expenses by downsizing its Asian research operations outside of Japan, Konishi said. Mitsubishi UFJ Morgan Stanley Securities Co., a venture formed with Morgan Stanley (MS:US) in May 2010, will maintain its Tokyo-based analysts totaling about 10, he said.
The brokerage will suspend its Asian equity sector report to clients after reducing the personnel, he said. The Wall Street Journal reported the job cuts earlier today.
Shares of Mitsubishi UFJ rose 1.3 percent to 397 yen today. The benchmark Topix Index fell 0.3 percent.
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