The conflict at Citibank, which could have its tails in the rest of the private banking sector, entered a new phase of negotiation with the banking union. The bank and AEBU (bank union) tothey agreed an extension to continue the dialogue on the dpending layoffs that are the result of a change in the institution’s business model.
The president of the union’s private banking sector, Juan Fernández, informed the The Observer that Friday was the last day for Citibank employees to accept a incentive plan to leave the institution. Six cases remained pending resolution. Finally, three workers took the option of incentivized retirement and three did not. Therefore, the latter would be fired this Monday. But at the last minute, the union and the company agreed to establish a 10 day extension to discuss the situation of the employees, said Fernandez.
Diego Battiste
AEBU
Beyond the negotiations that may be established, AEBU develops from this Monday assemblies with unemployment in all companies in the private financial sector that are part of Group 14 of the Salary Tips. There, in addition to the private banks, are the securities carriers, exchange houses, credit administrators and credit card issuers, among others. The union plans to activate a plan of measures if the situation in Citibank has no solution.
Formal change of shareholders
This Monday Citi Investment Advisors Uruguay —which integrates the Citi Group’s International Personal Banking business—informed the Superintendence of Financial Services of the Central Bank (BCU) that the transfer of the company’s shares in favor of Insigneo Holding Advisors. In this way, Insigneo Holding Advisors was left with control of Citi Investment Advisors Uruguay.
The business had been announced at the end of last year and for the new Citibank operation had decided the dismissal of 16 workers. As the months went by, the majority accepted the incentive retirement plans proposed by the institution.
