Mitsubishi UFJ Financial Group <8306.T>, Japan's biggest bank, said on Monday it plans to close 50 more outlets and cut 1,000 jobs to continue slimming down its operations after its merger, as a tumbling stock market depletes its earnings.
MUFG, along with other Japanese banks, has escaped much of the subprime damage that hammered its Western rivals, but it has since been hit by a recession and a sharp fall in domestic stocks.
MUFG booked its first quarterly net loss and slashed its full-year forecast in February, and said this month it would raise nearly $1 billion in its latest step to shore up its capital base.
MUFG spokesman Takashi Miya said the bank, which was created through the merger of Mitsubishi Tokyo Financial Group and UFJ Group in 2005, would press forward with restructuring in the next three years to reduce operations that were duplicated by the merger.
It plans to shut about 50 more outlets, close 200 ATMs, cut 1,000 jobs and relocate 1,000 more people, he said, adding that the bank has already closed some 70 outlets and 200-300 ATMs since the merger.
(Reporting by Sachi Izumi; Editing by Chris Gallagher)