Unite comment on Chancellor’s response to Vickers banking report
19 December 2011
David Fleming, Unite national officer said: “The Vickers Report
has a fundamental flaw in its failure to recognise the effect that
the financial crisis has had on the workforce within the banks -
thousands have lots their jobs. The Chancellor must take action to
ensure that the workers in the banks are given a voice at a
strategic level, through their trade union. Without this, the banks
will fail to rebuild reputations and create stability which is so
vital.
“Unite is arguing that the system of pay be reformed to protect
against an economic crisis from taking place again. In order to
re-build confidence in the financial services sector, it is vital
that management engage with stakeholders who feel that they have
been let down by the banks. This must include the workforce,
customers and taxpayers. By ignoring the reward packages which link
pay and performance, and the majority linked to sales targets, the
Commission has failed to recognise the harm done by such
incentivised based pay structures.
“The banking crisis caused by the greed of those at the top of
the financial system has brought three years of staff job cuts at
the front line of the banking system.”
Unite the union represents some 150,000 workers at all grades
and all occupations of the financial services sector.
ENDS
For more information please contact: Saba Mozakka, Unite press
office on: 07768 693 953.
