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JAPAN'S DAIWA BANK STEPS UP RESTRUCTURING EFFORTS.
TOKYO, May 1 Asia Pulse - Daiwa Bank (TSE:8319) has announced new plans released Friday that it will expand the scope and pace of its restructuring efforts.
In the next two years, the bank will trim its work force by a total of about 1,000 employees, 300 more than its previous plan. The bank will speed up the transfer of staff to affiliates and cut back on hiring new employees.
In addition, in the current fiscal year, the bank will close 10 branches and lower the total number to 150, an advance implementation of its previous plan that took the fiscal year through March 2003 as its target year. In the fiscal year through March 2003, the company intends to close another four branches.
Daiwa Bank also plans to reduce the number of directors from the current 12 to eight in the ...
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Source: HighBeam Research, JAPAN'S DAIWA BANK STEPS UP RESTRUCTURING EFFORTS.