The nationalized Nippon Credit Bank released a restructuring plan Monday calling for cuts of roughly 290 jobs to bring the total workforce to 1,800, according to the Financial Restructuring Commission.
The move will slash personnel costs to nearly half of the peak 30 billion yen seen in the year ended March 1996, officials said.
The FRC is looking to select a financial adviser to serve as negotiator in the purchase of NCB, which FRC hopes will be completed by the end of June. In addition to the job reductions, NCB will also call on 16 senior executives who were on the board since 1989 to voluntarily return a portion of their retirement allowances.
In principle, the bank will sell off all branches and employee housing, and only rent facilities that are deemed necessary, the plan says. The bank will also set up an in-house committee to investigate the bank’s collapse to determine responsibility of former executives on both criminal and civil fronts.