MUFG-Morgan Stanley joint securities arm axes equities staff

Two managers and few research analysts were let go as a cost-cutting move.

The securities venture of Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley is slashing its equities staff in Tokyo, reports Bloomberg.

Two managers and a few research analysts were amongst the five to 10 employees who had been let go from Mitsubishi UFJ Morgan Stanley Securities as a cost-cutting move in its equities arm.

MUFG had been slashing its staff at its securities segment abroad. In September, it reduced jobs in Hong Kong, Singapore and Sydney after weak global sales and trading business.

Mizuho Financial Group had let go several senior managers at its equity business in Japan last year, and Nomura Holdings had also slashed equities roles abroad as part of a billion-dollar restructuring plan.

Here's more from Bloomberg.

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