The announcement by the European Union that banks are to be fined £1.4bn for price fixing across different markets will have significant consequences for the banks.
Unite, the union which represents banking staff, is now demanding that the fines imposed for the appalling behaviour at the top of these financial institutions come from the massive boardroom bonuses of the executives and not by further slashing bank staff.
Dominic Hook, Unite national officer said: “The actions by the banks to rig interest rates is truly inexcusable. It will be appalling if the guilty banks attempt to recoup these fines by making frontline staff pay for the greed and misconduct of those at the top of the companies.
“These fines should come out of the deep pockets of those sitting comfortably in the boardrooms of these banks. Already this week we have seen what happens when a company continuously cuts costs at the expense of staff and necessary investment in the infrastructure of the bank. These fines must not be another example of low paid banking staff paying the price for mismanagement.”
“Consumers rightly expect more from the financial services industry, it’s time they start taking their responsibilities seriously.”
For further information contact: Saba Edwards, Unite senior communications officer on: 07768 693 953
Twitter: @unitetheunion Facebook: unitetheunion1
Notes to editors
• Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.