Social plan signed at UniCredit Luxembourg SA

After long negotiations, ALEBA, the financial sector’s premier union, supported by LCGB-SESF and the company’s personnel representatives, managed to agree a social plan with the German bank UniCredit Luxembourg SA on Tuesday 4th April. “We negotiated good departure terms for the 130 employees concerned, and we are pleased because these negotiations were not easy,” said Safouane JAOUID, Head of Legal and negotiator with ALEBA. “The agreement covers not just the financial side, but also several aspects that are important to ALEBA such as training and outplacement schemes,” he added.

Initially the OGBL-SBA had reservations about the terms of the social pla as negotiated, but finally decided to support the agreed terms.

The agreement comes in the context of UniCredit Luxembourg SA’s decision, announced in March, to close its Luxembourg operations at the end of 2018. This will include the activities of Hypovereinsbank which had previously been taken over by UniCredit.

Although it is satisfying to have helped to bring to fruition such a beneficial redundancy package for UniCredit’s staff, ALEBA is concerned that it has, once again, to highlight the growing number of social plans across the financial sector. “As has been the case with other banks in recent months, the hunt for profits is having disastrous social consequences,” commented Gilles STEICHEN, Vice President of ALEBA. The union has worked with several banks recently: Garanti Bank, Edmond de Rotschild, BSI, JP Morgan, and UBS, seeking to reduce the number of planned job losses, and negotiating respectable severance packages for hundreds of staff. “It is intolerable that even though there are financial challenges for the financial sector, results for 2016 point to an industry that is performing well. ALEBA will continue to defend strongly the rights and interests of banking and insurance staff,” Gilles STEICHEN added.

Press release of the 5th April 2017 

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Laurent Mertz, Secretary General ( / +352 621 232 295)

Sandra Carvalho, Head of Communications & Strategy ( / +352 671 223 228)