RiverBank to cut nearly a third of jobs

13 jobs will be lost at Riverbank after a social plan was signed. (Photo: Guy Wolff/Maison Moderne)

13 jobs will be lost at Riverbank after a social plan was signed. (Photo: Guy Wolff/Maison Moderne)

A social plan has been agreed at Riverbank, with 13 jobs out of 44 being cut at the Luxembourg fintech, mainly in the IT department.

"Hit by a challenging regulatory and market environment, the bank decided to realign its business and eliminate up to 13 positions,” the trade unions OGBL, ALEBA and LCGB announced in a joint press statement The provider of financial services to small and medium-sized enterprises (SMEs) employs 44 people in Luxembourg. Thirteen of them will lose their jobs, instead of the 17 redundancies initially planned.

This will "mainly [be] in the IT department”, say the unions.

Additional measures have been negotiated for the employees concerned. "Due to the small size of the activities, the focus was on safeguarding the bank, particularly in the area of personnel capacities."

In 2021, Riverbank recorded a loss of €6.1m for the financial year according to the Commercial and Companies Registry, compared to €5.3m in 2020.

This story was first published in French on Paperjam. It has been translated and edited for Delano.