Illustration photo shows the MUFG head office in Tokyo Shutterstock

Illustration photo shows the MUFG head office in Tokyo Shutterstock

Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A. has begun the negotiation phase of a social plan. Aleba says the plan will impact 20 out of the 160 people employed at the bank's route d’Arlon offices.

Aleba said it would contact the bank’s management to “initiate the necessary and mandatory social dialogue to ensure, in an already very difficult context marked by the coronavirus pandemic, so that adequate support and the best conditions of departure are offered to Mitsubishi employees whose positions could be eliminated.”

The announcement follows revelations that Commerzbank will leave Luxembourg in 2024, threatening 200 jobs.

“We said that 2021 would be difficult, and after two months we are already facing several hundred job losses, which is very serious,” Aleba’s Roberto Mendolia said, adding: “It hurts me to think about those people who will, in such a complicated period, quickly find themselves without a job. Afterwards, on the ground, it is obvious that the ALEBA will fight to obtain the best possible departure conditions for the employees concerned.”