Signature of a social plan at J.P. Morgan Bank Luxembourg SA

jp-morgan-logoOn Wednesday 19th October 2016, the personnel representatives, the LCGB-SESF, ALEBA and OGBL-SBA trade unions, and the management of J.P. Morgan Bank Luxembourg SA came to an agreement on the details of a social plan.

On 27th September the bank announced its intention to make 105 of its 475 staff redundant. This follows the off-shoring of fund accounting activities to Edinburgh and transfer agency business to India.

The unions and personnel representatives made a range of suggestions during the negotiations with a view to reducing the number of job losses. After the 15 days set aside by law for negotiations, the number of people affected by this collective redundancy was reduced from 105 to a maximum of 93, mainly thanks to internal mobility. Efforts to reduce this number further will continue in the coming weeks.

The unions and personnel representatives managed to negotiate the inclusion in this social plan of several financial and practical measures to help those who will lose their jobs.

These measures include redundancy payments beyond the legal minimum linked to age and experience, a payment related to each employee’s family situation, extended notice periods for employees who do not manage to find a new job during the statutory notice period, funding for outplacement schemes and training courses…

Communicated by the trade unions LCGB-SESF, ALEBA and OGBL-SBA

Luxembourg, 19th October 2016