Citigroup Inc. has offered 1,350 employees at its consumer finance unit in Japan early retirement with two months’ pay as the company withdraws from the business, a proposal the workers’ union called unacceptable.
CFJ KK, Citigroup’s local consumer finance unit, made the offer in a memo distributed to all its employees Monday, revealed Akihito Kawamura, chairman of CFJ’s labor union. Tokyo-based Citigroup spokeswoman Atsuko Yoshitsugu declined to confirm the document, which was addressed from Masanori Hogi, CFJ’s chief administrative officer.
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