MUFG to close 80 more branches

The move aims to cut costs and boost efficiency gains.

MUFG Bank is closing another 80 more branches in Japan as part of its overall effort to keep costs down and prop up struggling bottomlines amidst a shrinking client base, reports The Japan News.

Also read: Japanese megabanks' profits fall as ultra-low rates take toll

The bank earlier planned to reduce the number of domestic branches by around 100 from 500 by fiscal 2023, president Kanetsugu Mike told reporters at a local briefing, adding that the bank is also reducing duties equivalent to over 10,000 jobs, more than the 9,500 jobs earlier estimated.

Also read: Japanese banks embrace robots to cut costs

In a simila move, Mizuho Financial Group Inc. earlier increased the number of branches to be culled to 130 from the 100 that was earlier announced.

An earlier report by Moody's estimates that the structural overhauls of Japan's three megabanks will result in a headcount reduction of 32,000.

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