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Mitsubishi UFJ Financial expects to lose 6,000 staff by fiscal 2023

Mitsubishi UFJ Financial Group Inc. expects its workforce to shrink by about 6,000 employees by fiscal 2023 as it looks to upgrade its digital channels for customers and reduce the workload of its employees.

The group said in a Nov. 21 presentation that it would lose some 6,000 staff by fiscal 2023 through natural attrition as it places greater emphasis on using robotic process automation and artificial intelligence.

The company noted that the number of its customers that use online and mobile banking has risen by about 40% over five years, while those visiting bank branches has declined by about 40% since 2007.