Japanese financial services giant Mitsubishi UFJ Financial Group Inc. is cutting its workforce in London through a voluntary redundancy program, a spokeswoman told S&P Global Market Intelligence, after earlier reports said roughly 500 senior staff could be affected.

The group's "objective is to ensure our business is sustainable in a period of challenging market conditions," the spokeswoman said May 31.

Earlier in the day Bloomberg News had reported voluntary redundancy would be offered to hundreds of directors and managing directors.

The group, which employs around 2,000 people in the U.K. capital, will examine the voluntary applications first before deciding on future moves, the spokeswoman said.

Despite the layoffs, the group remains committed to Europe, Bloomberg reported, and a source also told Financial News that Brexit was not a factor in the decision.

Among those affected by the move is John Winter, whom the bank recently named CEO of MUFG Securities EMEA PLC and head of global corporate and investment banking in Europe, the Middle East and Africa, Financial News said.