Bar­clays to boost sev­er­ance of­fer for fired Tokyo em­ploy­ees

The Pak Banker - - FRONT PAGE -

Bar­clays Plc boosted sev­er­ance pack­ages for eq­ui­ties em­ploy­ees dis­missed in Tokyo last month, adding the equiv­a­lent of three months of pay to some of the 80 work­ers af­fected who had re­buffed ini­tial of­fers, peo­ple fa­mil­iar with the mat­ter said.

Hu­man re­source rep­re­sen­ta­tives for the Lon­don-based bank pre­sented the in­creased sev­er­ance of­fer dur­ing meet­ings with the equity re­search and sales staff that be­gan last week, ac­cord­ing to the peo­ple, who asked not to be iden­ti­fied as the dis­cus­sions are pri­vate. Bar­clays is of­fer­ing the ad­di­tional pay on top of the twom­onth to seven-month pack­ages orig­i­nally pre­sented in Jan­uary, the peo­ple added.

Bar­clays's Tokyo-based spokesman Ky­ota Nari­matsu de­clined to com­ment. Many of the fired cash equity an­a­lysts, traders and sales per­son­nel de­clined to sign their sev­er­ance pack­ages in Jan­uary as the amounts on of­fer were lower than the mar­ket stan­dard, the peo­ple said.

Sev­er­ance pay in Ja­pan over the past two years has typ­i­cally ranged from 12 months to 36 months at over­seas banks, ac­cord­ing to the Fed­er­a­tion of For­eign Bank Em­ploy­ees Union. The group doesn't rep­re­sent the Bar­clays em­ploy­ees. The Tokyo em­ploy­ees were in­formed of their dis­missals by the Eiji Nakai, the bank's Ja­pan pres­i­dent, in a 7:30 a.m. town hall meet­ing on Jan. 21, peo­ple fa­mil­iar with the sit­u­a­tion said at that time. Nakai said the bank will close its cash eq­ui­ties op­er­a­tion in Ja­pan and fo­cus in­stead on de­riv­a­tives, prime bro­ker­age and elec­tronic trad­ing, the peo­ple said in Jan­uary.

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