Lunedì, 24 Settembre 2018
ROME

Italian banks' labor contracts cancelled

English
© ANSA

Rome, September 16 - Italian national banks
association ABI met with unions on Monday and gave formal notice
that it is exercising its right to dissolve national contracts
currently in force in order to precipitate new negotiations.
ABI announced in a statement it had the legal right to
cancel the contracts if it gave notice at least six months prior
to expiration, set for June 30, 2014.
In a letter to the unions, ABI said one reason for the move
was Italy's deep recession, which has seen the economy contract
every quarter since July-September 2011.
"For the banks, the fall in profitability has proven
significant and unsustainable; in frequent cases, returns are
negative," ABI said in the letter.
ABI added that recent regulatory reforms and the need to
reinforce capital ratios also weighed on the banks, as did high
labour costs compared to European counterparts.
Moreover, automated banking and higher technology was
increasing in importance, while the advantages of physical
branches and their personnel were on the decline.
ABI complained that Italy's recent pension reforms, which
increased the age at which many workers can retire, had the
adverse effect of leaving banks over-staffed.

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