(Alliance News) - There is turmoil at BFF Spa over the management of the 49 redundancies after union negotiations, after 11 meetings, still have not led to any result and, following the Jan. 13 meeting, the FABI, First CISL, Fisac CGIL and Unisin unions active in BFF Bank were mandated to mobilize against the layoffs.

As Smart Magazine explains on Monday, according to the unions present in Farmafactoring Bank, "throughout the negotiations with more than 11 meetings, the bank has shown itself to be unavailable to all the proposals put forward remaining, moreover, adamant on some absolutely unacceptable issues. First and foremost, the communication that, should the number of voluntary exits be insufficient to cover the declared redundancies, the collective dismissal procedure will be initiated, as early as the beginning of February."

COme reports Smart Magazine, according to the unions, in addition, the bank did not commit "either to a possible outplacement of employees or to the opening of an income support fund that would have allowed access to a reasonable number of workers as an alternative to the company's proposal that allowed access at best to a maximum of three workers."

"Throughout the negotiations, explain the unions in a joint note , we fought strenuously for the relocation of our colleagues, for the extension of the tools (income support fund, incentive retirement, etc...) to the entire BFF Bank and, above all, to prevent the use of collective redundancies. We have not succeeded only because of the bank's stubborn and blind will to preserve, rather than the jobs of colleagues and the economic security of their families, the balance sheet and the money that the board of directors and shareholders and the CEO - who with his EUR6.5 million salary is the highest paid executive in Italy for the credit sector, more than the CEO of Intesa Sanpaolo Spa - periodically share, without any qualms."

The manager referred to by the unions is Massimiliano Belingheri, a Bocconian who began his career at McKinsey & Company, in Milan and London, as a business analyst. After an MBA at Harvard, he joined Apax Partners, where he became a partner in 2007 and head of the financial services team in Europe in 2008. From 2002 to 2004, he was also a board member of Azimut Holding Spa and, from 2011 to 2013, of Psagot Investment House. In December 2006, he joined the board of BFF Bank, which he has led since December 2013.

BFF Bank's stock closed Monday up 1.2 percent at EUR8.66 per share.

https://www.startmag.it/economia/banca-farmactoring-bff-cosa-succede/

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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