Economy & Politics

After Kneip, Aleba “fears other social plans”

Having obtained “acceptable starting conditions” at Kneip, the union does not hide its pessimism for the banking sector for the months to come. “Companies are thinking of slashing their costs,” says the president, Robert Mendolia.

Jean-François COLIN

Jean-François COLIN

Having obtained “acceptable starting conditions” at Kneip, the union does not hide its pessimism for the banking sector for the months to come. “Companies are thinking of slashing their costs,” says the president, Robert Mendolia.

The financial center is not spared from job losses. A fortiori in this very complicated period of covid-19 crisis. On the sidelines of the announcement made Monday of a social plan at Kneip in Bertrange, the Aleba reveals this Wednesday in a press release that it had to negotiate 342 job cuts over the past twelve months. For its president, Robert Mendolia, the situation is paradoxical in “a financial sector which nevertheless continues to be doing well”.

The Luxembourg Association of Bank and Insurance Employees wants as proof “the 5.7% increase in the overall balance sheet of the banks in the Place” between the end of 2018 and the end of 2019. Citing data from Statec, the president of the banking syndicate even adds that “the increase in overall net assets of the investment fund industry represents a double-digit number, at 14.2%”. As a reminder, in the last year alone, State Street banks, RBC Luxembourg, HSBC, KBC and ABLV have all had a social plan.


Wort.fr, Kneip Communication, Bertrange, Atrium, Rue du bien Romain, 8070 Bertrange foto: Chris Karaba / Luxemburger Wort

The company, a provider of services and software for the investment fund industry, divests a third of its workforce. In Bertrange, the social plan is underway, and not only in connection with the covid crisis.


Returning to the loss of 70 jobs – or a third of the workforce – at Kneip, a provider of services and software for the investment fund industry, the banking syndicate explains “having obtained acceptable starting conditions”. And above all “much better than what was on the table at the start of the negotiations”. But it is more when it is moving towards the future that the Aleba shows a marked pessimism, admitting “to fear other social plans in the coming months in the context of covid-19”.

Without giving further details, Robert Mendolia said “hearing companies consider working differently and, with a decrease in their income, think about cutting their costs”. The figure of 342 job cuts over the past twelve months could therefore further swell in the next twelve.


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