Banque Hapoalim Luxembourg to Stop Private Banking with Loss of 30 Jobs

ALEBA, the trade union for bank employees in Luxembourg, has announced that Banque Hapoalim Luxembourg is wanting to reduce its workforce by 30 employees.

ALEBA representatives were invited to participate in the negotiations of a social plan that could impact some 30 jobs; the first meeting with the management of the Israeli bank is set for tomorrow, Wednesday 29 November 2017.

According to information availato to ALEBA, it seems that the Board of Directors of the group based in Israel decided last September to cease all private banking activities in Switzerland and Luxembourg.

The two Group entities present in Luxembourg, Bank Hapoalim (Switzerland) Ltd., Luxembourg Branch, and Banque Hapoalim (Luxembourg) SA, are affected by this decision and about 30 of the current 45 employees are at risk of losing their jobs.

ALEBA stated that some employees have contributed to the Bank’s prosperity in the Luxembourg financial market for decades.

Since early 2017, it is the fifth social plan that ALEBA has been negotiating with 169 employees being dismissed.