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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (63956)	5/24/2002 2:04:33 AM
From: StanX Long	Read Replies (1) of 70976

"OT" but WOW, Stan. UFJ Posts Record $9.4 Bln Loss on Bad Loans; President Quits By Mariko Iwasaki and Taizo Hirose quote.bloomberg.com Tokyo, May 24 (Bloomberg) -- UFJ Holdings Inc. posted a 1.23 trillion yen ($9.83 billion) full-year net loss, the second- biggest by a Japanese company, as it increased second-half bad loan write-offs fivefold from the first six months. Japan's fourth-biggest bank said its president will quit at the end of June and joined rivals in predicting a rebound in earnings this year, forecasting net income of 130 billion yen. A profit recovery will hinge on a rebound in the world's second-biggest economy, which is smaller than it was in 1995. Many lenders had forecast profits for the last fiscal year, only to run up record losses as borrowers defaulted. ``Banks haven't been doing enough, they are not getting rid of people, they are over-staffed and I am not impressed,'' said Paul Heaton, who manages Japanese investments for Royal London Asset Management Ltd. ``They need new management and they need a kick in the pants.'' UFJ shares fell after the earnings release, trading 3.1 percent lower at 373,000 yen.

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