The troubled Long-Term Credit Bank of Japan, now under temporary state control, submitted a restructuring plan to the government pledging more job cuts and decreased overseas operations, the president of the LTCB announced Friday.
The government authorized the plan the same day, and the LTCB's management will begin implementing it, LTCB President Takashi Anzai told a news conference. "The plan is aimed at minimizing the cost of state control on the part of the public," he said. "We will maintain the value of the LTCB and sell it off to other financial institutions in an effort to end state control as early as possible."
Under the plan, the bank will cut an additional 300 jobs to bring its workforce to 2,500 from the present 3,500, going further than a previously announced reduction to 2,800 by March 31, Anzai said.