ID :
177157
Fri, 04/22/2011 - 04:25
Auther :
Shortlink :
http://m.oananews.org//node/177157
The shortlink copeid
Mitsubishi UFJ Morgan Warns of 145-B.-Yen Net Loss
Tokyo, April 21 (Jiji Press)--Mitsubishi UFJ Morgan Stanley Securities Co. said Thursday it will report a net loss of 145 billion yen for the year ended in March.
The company under the wing of Mitsubishi UFJ Financial Group Inc. <8306> incurred heavy losses in proprietary trading in interest rate and foreign exchange swaps.
President Fumiyuki Akikusa is expected to step down to take responsibility.
The brokerage house's parent, Mitsubishi UFJ Securities Holdings Co. will also book a net loss of 50 billion yen. The holding firm will inject 30 billion yen in fresh capital into the loss-making unit.
Group officials have explained to the Financial Services Agency how and why the brokerage house incurred such a large loss.
Mitsubishi UFJ Morgan booked 99.3 billion yen in trading losses for January-March. The firm will trim the proprietary trading operations.
At a news conference, Managing Director Fumio Yoshimatsu said the company failed in risk management.
The brokerage house will announce its earnings results on April 28. Akikusa will attend a press conference to make the announcement.
On Thursday, the firm said it will cut some 10 pct of its workforce in the current year ending in March 2012. The number of its outlets will be reduced to 75 from 87.
The company under the wing of Mitsubishi UFJ Financial Group Inc. <8306> incurred heavy losses in proprietary trading in interest rate and foreign exchange swaps.
President Fumiyuki Akikusa is expected to step down to take responsibility.
The brokerage house's parent, Mitsubishi UFJ Securities Holdings Co. will also book a net loss of 50 billion yen. The holding firm will inject 30 billion yen in fresh capital into the loss-making unit.
Group officials have explained to the Financial Services Agency how and why the brokerage house incurred such a large loss.
Mitsubishi UFJ Morgan booked 99.3 billion yen in trading losses for January-March. The firm will trim the proprietary trading operations.
At a news conference, Managing Director Fumio Yoshimatsu said the company failed in risk management.
The brokerage house will announce its earnings results on April 28. Akikusa will attend a press conference to make the announcement.
On Thursday, the firm said it will cut some 10 pct of its workforce in the current year ending in March 2012. The number of its outlets will be reduced to 75 from 87.
