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Mitsubishi to shed up to 90 London staff
04.09.08
Japanese brokerage Mitsubishi UFJ Financial today said it would axe up to 90 London staff.
The bank will employ about 500 people in the capital after the cuts, and says it is not planning additional lay-offs. Traders, product control and back-office staff will be hit. It is understood the bank's London head of rates trading, Shabaz Rasool, has already left the firm.
“Earnings at the UK unit have been hurt as they've been affected by the subprime crisis,” said spokesman Hiroshi Kutose.
While the cuts are far smaller than the 1200 expected to go in the City from Commerzbank's takeover of Dresdner, they add to a steady stream of London lay-offs.
