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.

English: https://www.ft.com/content ...   

Italian: http://www.rassegna.it/articoli/mps-cgil-e-fisac-toscana-numeri-in-liberta …  

For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Willy De Backer wdebacker@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. 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 www.etui.org, and on the AIAS at www.uva-aias.net.

© ETUI aisbl, Brussels 2016. All rights reserved. We encourage the distribution of this newsletter and of the information it contains, for non-commercial purposes and provided the source is credited. The ETUI is not responsible for the content of external internet sites. The ETUI is financially supported by the European Union. The European Union is not responsible for any use made of the information contained in this publication.
This email is sent from www.etui.org.

Check Out WageIndicator's Newsletters on Gig Work

News Archive

Loading...