American bank JP Morgan has announced plans to axe 105 of the 475 posts at its Luxembourg subsidiary, the LCGB-SESF union has confirmed.
The Luxembourg union said in a press statement that it was “shocked by the sudden announcement” that was made during a rushed meeting with staff representatives. The information has since been communicated to bank employees.
The LCGB-SESF was highly critical of what it called a “disastrous policy of outsourcing” jobs. The activities of the “Fund Accounting” department are to be transferred to Edinburch while the “Transfer Agency” will be shifted to India.
The LCGB said the first goal of its negotiations will be to “reduce the maximum number of redundancies”. It said then it would “firmly negotiate the initial conditions of the employees affected.”
The announcement comes shortly after UBS Luxembourg said it would axe 56 jobs at its Luxembourg office, Luxembourger Wort reports.