Social plan signed at STATE STREET BANK

On Wednesday 8 May 2019, the ALEBA, OGBL Secteur Financier and LCGB-Sesf unions and the employee representatives of State Street Bank Luxembourg S.C.A. signed a social plan that will affect 101 employees.

Economic trends and current conditions on financial markets have had a significant impact on the State Street global group. In order to reduce costs, the group has put in place an outsourcing strategy by setting up Global Hubs, mainly in Poland and India, with a view to automating specifically targeted jobs. A total of 101 jobs will be affected by 2020 by this reorganisation and offshoring.

The unions and staff representatives have therefore negotiated a social plan with the management that includes not only support measures, but also acceptable financial compensation for employees.

While regretting this loss of jobs because of State Street Bank’s offshoring and automation strategy, ALEBA, OGBL Secteur Financier and LCGB-Sesf have been able to reach an agreement that safeguards the rights and interests of the employees who will lose their jobs, and have accordingly signed this social plan with the bank’s management, which has assumed its social responsibility.


Gilles Steichen                                       Véronique Eischen                                             Patrick Michelet

ALEBA                                                     OGBL Secteur Financier                                   LCGB-Sesf


Press release, May 8th, 2019.

@crédits photo : Luxembourg Times