© Reuters. FILE PHOTO: A branch of the bank Mitsubishi UFJ Financial Group of Tokyo-Mitsubishi UFJ in Tokyo
By Kate Duguid
NEW YORK (Reuters) – Japan’s major financial group Mitsubishi UFJ (NYSE 🙂 has cut six team members in the United States, four team members, sales and seller market business, and two investment banking advisers, according to a source familiar with the matter.
Job cuts come in the week before the bank expands its debt-capital-market and fixed-income business, which has been recruited since mid-2020, the source said.
With assets worth around $ 3.1 trillion, MUFG hopes to use its large balance sheet to dive deeper into primary and secondary fixed income markets, the source said. know. Globally low borrowing costs and a rebound in stock markets have sparked a boom in capital market activity this year.
The MUFG reshuffle also reflected a long-term decline in the sell-side analysis. Buyer consulting firm Substantive Research in November released the results https://substantiveresearch.com/matter/value-of-analyst-meetings-has-fallen-by-47-since-january-2020 of a meeting Surveys show that asset managers have nearly halved the price they are willing to pay for vendor research since January 2020, when meetings with analysts, often in person. , has become virtual.
Among those fired were John Herrmann, who previously served as interest rate strategy director at the MUFG office in New York, the source said.
In response to a request for comment, Herrmann said, “I’ve had a very good time in 8-1 / 2 years at MUFG. I was hoping to serve our clients for a few more years, but a new horizon. I hope to come back soon doing what I do best: economy forecast, FOMC and yield curve. ”
Among the additions, the bank announced https://www.mufgamericas.com/who-we-are/news/mufg-launch-capital-markets-strategy-group in October, they hired Tom Joyce from Deutsche bank (DE 🙂 to form a new capital market strategy group. Limited resources at the bank mean hiring Joyce, along with two capital market strategists also from Deutsche Bank – Hailey Orr and Stephanie Kendal – comes at the expense of existing MUFG employees, according to the source.
On April 21, MUFG also announced https://www.mufgamericas.com/who-we-are/news/mufg-further-strengthens-its-us-macro-trading-platform-fixed-income-industry -veteran-hire that it hired George Goncalves from the rival Nomura Holdings (NYSE 🙂 as the head of US macro strategy, to strengthen his fixed income trading platform.
MUFG has 13,000 employees in the Americas https://www.mufgamericas.com/who-we-are.
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