Mitsubishi UFJ Financial Group has offered all of its 500 directors and managing directors in London voluntary redundancy as part of an initiative being overseen by John Winter, who only arrived to run its European securities business five weeks ago.

A spokeswoman for the Japanese bank confirmed those managers leading both back- and front-office teams were informed of the move on May 30. Those who do not take redundancy will have to wait until the summer to discover whether or not they will remain at the bank.