Mitsubishi UFJ Financial Group Inc. is planning to cut about half of its 150-strong workforce at its securities business in Hong Kong, Singapore and Sydney, people with knowledge of the matter said.

Japan's biggest bank will focus the reductions on sales and trading, the people said, asking not to be identified because the deliberations are private. A final decision may come as soon as Wednesday, they said.

MUFG follows firms including Nomura Holdings Inc. and Deutsche Bank AG in paring trading jobs. Chief Executive Officer Kanetsugu Mike said in May that the bank's global sales and trading business has been struggling and needs reviewing.