Japanese lender Mitsubishi UFJ creates nearly 200 new investment banking jobs in London

Japan’s biggest bank – and the world’s fifth largest – gave London a big vote of confidence overnight by announcing nearly 200 new investment banking jobs in the capital.

Mitsubishi UFJ is to expand European operations in the hope of boosting income outside of Japan, according to reports.

The Japanese lender has hired 180 staff in London since 1 April and intends to hire a “few dozen” more across Europe, Sebastien Rozes, head of European banking, told Reuters news agency.

Read more: Frankfurt entices Mizuho as Germany makes it a Japanese four from four

During 2017 many Japanese lenders with a UK base have sought to head off the fall-out from a potential hard Brexit by setting up overseas subsidiaries on the continent.

Mitsubishi, which employs 2,100 people in London, revealed plans for an Amsterdam subsidiary to ensure it could service EU clients however Britain’s divorce from the EU plays out.

Rivals Daiwa, Nomura, Sumitomo Mitsui and Mizuho have picked Frankfurt for their new EU bases.

Rozes said:

We want to continue to deepen Mitsubishi UFJ’s relevance for our clients as a major European and global fixed income powerhouse, as well as the region’s principal corporate and investment banks.

Read more: Japanese banks to shift London resources to Frankfurt after Brexit