Redundancy plan takes effect at Bank of New York Mellon

The social plan for Bank of New York Mellon (BNYM), which was signed on 29 May by ALEBA, LCGB and OGBL and which announced the loss of 36 jobs at the bank, took effect on Monday 2 September.

The aim of the redundancy plan was to preserve as many jobs as possible within BNYM, while offering attractive severance packages to employees affected by the loss of their jobs. A little more than three months after it was signed, 25 people are affected, compared with the 36 initially announced. They will benefit from social support measures and extra-legal compensation, including:

• the payment of a social bonus;
• the payment of extra-legal compensation;
• the implementation of an outplacement and/or training budget.

ALEBA, LCGB and OGBL regret that employees have had to pay the price for companies' unrestrained pursuit of profit and note the importance of social dialogue and negotiations between unions and management, which made it possible to reduce the number of jobs affected and to improve the conditions of departure for those concerned.