Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks need to cut costs more aggressively after efforts to expand revenue sources via expansion did not play out as expected. Some local lenders are thinking about closing branches or streamlining their organization and staff, as programs aimed at increasing revenue — the other side of the profitability equation — struggle to show results, according to bank officials…
Japanese banks to test digital currency

Japanese banks to test digital currency

A consortium of 74 Japanese firms – including the country’s biggest banks – have set out plans to start testing a private sector digital yen in the coming months. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are among the firms from a range of industries backing the tentatively named Digital Currency JPY (DCJPY) project, which…
Japan’s largest bank MUFG boosts annual profit outlook to record level

Japan’s largest bank MUFG boosts annual profit outlook to record level

Signboards of MUFG Bank (Finance & Banking Trends) are seen in Tokyo, Japan April 3, 2018. REUTERS/Toru Hanai/File Photo Register now for FREE unlimited access to reuters.com Register TOKYO, Nov 15 (Reuters) – Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) on Monday predicted net profit would hit a record this financial year, thanks to the release of cash from pandemic-related…
Japanese banks gear up to test digital currency

Japanese banks gear up to test digital currency

DIGITAL CURRENCY: The forum proposes a linked, two-tier infrastructure comprising a Common Area and a business Process Area A consortium of more than 70 leading banks, financial services providers and other businesses in Japan is to conduct a series of proof of concept (PoC) trials of a digital currency supported by commercial banks across a range of specific use cases…
Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks need to cut costs more aggressively after efforts to expand revenue sources via expansion did not play out as expected. Some local lenders are thinking about closing branches or streamlining their organization and staff, as programs aimed at increasing revenue — the other side of the profitability equation — struggle to show results, according to bank officials…
Japan’s largest bank MUFG boosts annual profit outlook to record level

Japan’s largest bank MUFG boosts annual profit outlook to record level

Signboards of MUFG Bank (Finance & Banking Trends) are seen in Tokyo, Japan April 3, 2018. REUTERS/Toru Hanai/File Photo Register now for FREE unlimited access to reuters.com Register TOKYO, Nov 15 (Reuters) – Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) on Monday predicted net profit would hit a record this financial year, thanks to the release of cash from pandemic-related…
Japanese banks to test digital currency

Japanese banks to test digital currency

A consortium of 74 Japanese firms – including the country’s biggest banks – have set out plans to start testing a private sector digital yen in the coming months. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are among the firms from a range of industries backing the tentatively named Digital Currency JPY (DCJPY) project, which…
Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks target cost cutting as growth plans trail expectations

Japanese regional banks need to cut costs more aggressively after efforts to expand revenue sources via expansion did not play out as expected. Some local lenders are thinking about closing branches or streamlining their organization and staff, as programs aimed at increasing revenue — the other side of the profitability equation — struggle to show results, according to bank officials…
Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

Consortium of Japanese firms to test digital currency in coming months, launch in FY2022

A man walks past in front of a sign board of Mitsubishi UFJ Trust and banking Corporation, the asset management unit of Japan‘s Mitsubishi UFJ Financial Group Inc. (MUFG), in Tokyo, Japan July 31, 2017. REUTERS/Issei Kato/Files Register now for FREE unlimited access to reuters.com Register Consortium includes Japan‘s three mega-banks Goal is to distribute digital currency in fiscal 2022…