UFJ’s FX in peril post-merger

The merger of UFJ Bank and Bank of Tokyo-Mitsubishi (BTM), which was announced in July, is likely to result in job cuts – and most believe UFJ’s FX team would be the losers in a tie-up. "There will be quite a few FX people going," said Steven McCrandle, consultant at recruitment company, Hudson Global Resources in Tokyo. He argued that losses would largely be from the UFJ camp, adding: "I would guess they are already meeting head hunters."

One head of FX at a US bank in Tokyo said that with o