TULLETT PREBON Luxembourg: ALEBA refers the case to the Office National de Conciliation

On 6 October, the social partners met the Management of Tullett Prebon Luxembourg (brokerage firm) in connection with Tullett Prebon London’s planned closure of its Luxembourg offices. “The objective was to initiate discussions on establishing a social plan, but in the end the Tullett Prebon representatives attended only three of the eight planned meetings, which is not acceptable and demonstrates the firm’s lack of interest in the fate of its employees”, said ALEBA’s Félix Walisch.

“Accordingly, with the support of the firm’s employees, we had no choice but to refer the case to the Office National de Conciliation. The first meeting was held on Monday, 6 November”, he added.

The main, fully justified demand of the 14 employees, their representatives and ALEBA is that the social plan should reflect the current market conditions in Luxembourg, and the needs of the 14 employees who have become the victims of this strategic decision by Tullett Prebon London.

ALEBA’s key demands include, in particular, a realistic training budget that is sufficient to enable the 14 employees in question to remain competitive on the labour market and/or to facilitate their professional retraining, but also severance pay based on their age and length of service, with the possibility to convert this compensation into an extended notice period. “Moreover, many employees have worked for the firm for a significant length of time, in some cases as many as 30 years”, explained Félix Walisch.

A second meeting is due to be held on 14 November before the conciliator, and a third is scheduled for Tuesday, 21 November. ALEBA’s aim is to find a rapid solution for these 14 employees, so that they are in no way financially shortchanged and can reposition themselves for new job opportunities as quickly as possible.

Tullett Prebon Luxembourg still had around 40 employees in 2012, “but it is now clear that the constant pressure being placed by the Management on employees for the past few months to accept pay cuts to “save” their jobs and the Luxembourg offices of Tullett Prebon would have achieved nothing”, acknowledged Félix Walisch with regret, adding that the company now has only 14 employees.

 

Press contacts:

Laurent Mertz, Secretary General (laurent.mertz@kbl-bank.com/+352 621 232 295)

Sandra Carvalho, Head of Communications & Strategy (sandra.carvalho@aleba.lu/+352 671 223 228)

 

Contacts for the Tullett Prebon case:

Alessandra Giuliano, Head of Coordination (Alessandra.GIULIANO@aleba.lu/+352 223 228 304)

Felix Walisch, Coordination (felix.walisch@aleba.lu/+352 223 228 1)