Unite plans to prevent finance job losses
8 October 2008
Labour union Unite held an emergency meeting today to develop a charter safeguarding the jobs of those in the finance industry.
Unite says it’s ‘warning employers that they will not accept compulsory redundancies in the banking industry’. The Union states it will ‘hold employers to account for their disgraceful behaviour, which has brought a highly profitable industry to the brink of collapse’.
Unite is aiming to protect those finance employees working in lending, customer services and administration roles, not the ‘big city bankers’ who, they believe, caused the credit crunch.
The charter will involve tougher regulations for the industry and an end to the offshoring of finance work.
Britain’s financial services industry has already suffered the dramatic loss of 4,500 jobs as a result of the collapse of Lehman Brothers, and a further 300 redundancies through the part-nationalisation of Bradford and Bingley.
Even UK stalwart, HSBC has announced 1,100 job cuts from its worldwide workforce as a result of the credit crunch.
Whether Unite can influence that proposed number remains to be seen, but they will certainly garner support from their active members employed by Lloyds TSB, HBOS and Northern Rock.
Unite has 180,000 members working in the financial services industry, some with salaries of £12,000 per annum.
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