Barclays said to raise severance offer for some Tokyo staff

Sunset in Tokyo, Japan

Barclays raised severance packages for a second time since it asked about 100 equity employees in Tokyo to leave the firm in January, people with knowledge of the matter said.

Bloomberg News reports that the bank’s Japanese securities unit is offering an additional three months’ pay, according to the people, who asked not to be identified because the discussions are private. The firm told employees who haven’t signed a resignation letter that they should do so by late June to avoid being dismissed, one of the people said.

The latest offer brings the packages to at least eight months of salary, still short of market standards in the nation, according to a labor union. Many analysts, traders and salespeople from the cash equities division declined to accept the original payments, which ranged from two to seven months. Barclays Securities Japan boosted the amounts by three months in February, and made the latest increase after some employees negotiated with the firm through a union, the people said.

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Barclays Said to Raise Severance Offer Again for Tokyo Staff

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