Roberto Mendolia, head of the Aleba trade union, said this week that more than 100 financial sector jobs were in jeopardy. Library picture: Roberto Mendolia is seen speaking at a press conference, 28 January 2020. Photo credit: Matic Zorman
“I have heard talk of at least three new redundancy plans in the pipeline which would concern between 100-200 staff,” financial sector-focused trade union Aleba boss Roberto Mendolia has said in a newspaper interview.
Long and short-term trends are at the root of the desire by banks to cut costs, he told the Luxemburger Wort on Tuesday. Adjusting to the after-effects of the pandemic will affect many banks, on top of the consistent challenge of low interest rates, digitalisation and increased regulation.
“We should be aware that this year will be a very difficult one for the financial sector,” Mendolia added.