The Bank of Tokyo-Mitsubishi plans to close around 50 of its 310 outlets nationwide -- some 15 percent of the total -- and lay off 3,500 staff by the end of March 2005 to cut costs, bank sources said Saturday.

The move is part of a restructuring plan that could be formally announced as early as Monday, the sources said.

Mitsubishi Trust & Banking Corp. is also expected to cut about 800 jobs. The bank integrated its operations with Mitsubishi Trust & Banking in April under a holding company, Mitsubishi Tokyo Financial Group.