Mitsubishi UFJ Financial Group Inc. is ruling out further job cuts at its brokerage business in Asia after a lengthy overhaul, even as global banks trim headcount during the COVID-19 pandemic.

"We are done with it — it’s over,” said Saburo Araki, chief executive officer of Mitsubishi UFJ Securities Holdings Co., in an interview. "It must have been painful for employees, but we have carried it through.”

The move contrasts with those of other major banks such as Goldman Sachs Group Inc., which are resuming job cuts even as the market volatility brought on by the virus fuels a rebound in trading.