Macquarie, MUFG profits dive
SYDNEY/TOKYO (Reuters) - Japan's Mitsubishi UFJ and Australia's Macquarie Group became the latest Asian lenders to post sharp falls in profits, but relief Macquarie was not tapping investors for more cash sent its shares soaring.
Frozen credit markets, sinking asset values and plunging equity markets have taken a toll on the region's banks, prompting multi-billon dollar cash calls from companies including MUFG and rival Mizuho Financial Group in recent weeks.
Banks have also been slashing jobs, with Citigroup on Monday announcing plans to cut 52,000 jobs globally, the second-largest corporate lay-off plan in history.
A source familiar with Citi's plans said around 150 jobs would go at its wealth management unit in Asia, mainly in Singapore and Hong Kong, about 12 percent of the unit's total.
HSBC added to the employment gloom on Tuesday, saying it would cut a further 500 staff in Asia, mostly in Hong Kong, due to deteriorating economic conditions and caution about next year.
The crisis has also shaken up bank ownership around the world, with Bank of America Corp on Monday increasing its stake in China Construction Bank Corp at a significant discount to its current trading price.
