P.M. BRIEFING : Chase Offers Retirement Lure
Chase Manhattan Corp. is offering severance to longtime U.S. employees as part of a previously announced effort to trim costs and staff, a spokesman for the nation’s second-biggest banking company said today.
The banking company last week offered employees who retire with at least 10 years service two week’s pay for every year of service; those with at least 20 years would get three weeks’ pay for every year of service.
A company spokesman was unable to say how many of the company’s 30,000 domestic employees are eligible for the program but estimated that it is a few thousand.
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