TOKYO: Japanese banking giant Mitsubishi UFJ Financial Group plans to shrink its domestic workforce by around 15 percent, the firm said Tuesday, tightening payrolls as it looks to bolster profits squeezed by ultra-low interest rates.

MUFG announced it would lose some 6,000 of more than 40,000 positions in Japan by March 2024, mainly through natural attrition and greater use of technology.

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