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Mitsubishi bank could cut more than 10% of workforce
Finance

Mitsubishi bank could cut more than 10% of workforce

by Kathryn OGLESBY 25.02.2021
Union Aleba said on Thursday it would begin talks with the bank
Mitsubishi bank is located just outside of Luxembourg City
Mitsubishi bank is located just outside of Luxembourg City
Photo credit: Shutterstock

More than 10% of employees at Luxembourg’s Mitsubishi bank could face job losses, banking union ALEBA said on Thursday.

The union will begin negotiations with the bank regarding its social plan which could affect around 20 of its 160 employees - 12.5% of staff.

The bank, Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A, was set up in the Grand Duchy in 1974 as a subsidiary of the Bank of Toyko and is located on the Route d’Arlon just outside of Luxembourg City.

Mitsubishi bank did not immediately respond to a request for comment.

Employees at the Luxembourg branch of Commerzbank also face losing their jobs as the bank is set to close in 2024, ALEBA said on Tuesday.

A total of 200 people are currently employed at the Luxembourg subsidiary of the German bank, which is headquartered in Frankfurt.


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