Jon Pratt, the former Asia Pacific Global Finance Chairman, is suing Barclays’ Asia Unit for HK$18.9 million ($2.4 million) for money that he was allegedly owed when he left the company.
The claim, which was filed in Hong Kong’s labour tribunal last March, alleges that the money he is owed comprises of unvested deferred compensation from 2012 to 2015 of HK$11.7 million ($1.5 million) and a discretionary incentive award of HK$6.5 million ($837,000), according to the document.
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The document also showed that Pratt’s case against Barclays Capital Asia has since gone to the High Court of Hong Kong.
Pratt left the bank due to global job cuts after the bank announced that it was exiting cash equities in Asia and would cut around 1,000 investment bank staff in a move to improve the bank’s profitability. Jon Pratt was among the people leaving. He had been promoted in 2015 to the newly created roles of head of banking in Hong Kong and chairman of global finance in Asia-Pacific as part of a strategic plan by Barclays to tap into the growth potential of the fast-growing Asian bond markets.
Barclays spokesman, Jon Laycock has declined to comment.