The LCGB and ESFS trade unions have confirmed that JP Morgan Bank Luxembourg SA has announced a social plan (collective redundancy) what will affect 105 jobs out of a total Luxembourg workforce of 475 people.
The trade unions have stated that they are outraged by this sudden announcement which was made during a "lightning" meeting with employee representatives before being communicated immediately to company employees.
The trade unions have claimed that employees are being asked to suffer the consequences of a disastrous policy of massive relocation of their jobs; firstly to Edinburgh for Fund Accounting and, secondly, to India for Transfer Agency activities that will be particularly impacted.
For LCGB-ESFS, the first goal of future negotiations will be to reduce the maximum number of redundancies, then to firmly negotiate the initial conditions of the employees affected.
