The employees affected by the job cuts at Natixis are protected by the compensatory measures provided for in the social plan. (Photo: Shutterstock)

The employees affected by the job cuts at Natixis are protected by the compensatory measures provided for in the social plan. (Photo: Shutterstock)

Measures to maintain employment and provide social and financial support have been negotiated between the unions and the management of Natixis Wealth Management with up to 33 positions potentially affected.

It took seven meetings of negotiations between the management of Natixis Wealth Management, the staff representatives of the OGBL, Aleba and the LCGB to agree on a social plan on Monday 13 December.

The French financial institution, which is part of the BPCE group, was affected by “repeated negative results in the wealth business”, the unions said in a press release. The bank in Luxembourg therefore decided to “totally reorganise its activities”, which was to involve the elimination of 26 of the 97 positions in Luxembourg. Sylvie Reuter, OGBL's deputy general secretary for the financial sector, added that “there could be seven more people”, at most.

Whether there are 26 or 33 in the "worst case scenario", these employees will be protected by the agreed upon plan. It provides for measures to maintain employment or for social and financial support. The agreement also contains the payment of a compensation allowance, another extra-legal allowance, an allowance for children, as well as a training budget.

This story was first published in French on . It has been translated and edited for Delano.

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