Italy - Bank rescue could lead to massive job cuts - May 31, 2017

Intensive talks between the EU, management and the government might lead to a rescue plan for the troubled bank Monte dei Paschi di Siena. However, the social consequences can be enormously. The sustainable business plan for the bank could imply up to 10,000 job cuts, nearly half the workforce. Besides, there is a serious debate over how much senior managers will be allowed to earn. In 2016, the chief executive of the lossmaking bank was awarded a salary of nearly 1.9 million euro, with bonuses on top of this sum. The trade unions declared that the plans for these giant redundancies will face a strong union opposition.

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For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) or the communications officer at the ETUI, Willy De Backer For previous issues of the Collective bargaining newsletter please visit Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at, and on the AIAS at

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