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Earlier this year, Profumo put forward a plan to oblige 4,100 Italian workers to leave the company without severance pay. UNI’s Italian affiliates succeeded in reducing the number to 3,000 with severange pay and on a voluntary basis. They also succeeded with employing 1,200 new staff.



The Profumo case exemplifies a trend which continues despite the financial crisis. Management tries to push down wages for ordinary bank employees while increasing their own pay with windy arguments.



Indeed, recently we see an upsurge of pay for the excessively paid in the finance industry as well as industry at large.



In Britain total earning of directors in FT100 rose by 55% and banks are returning to pay out more than 50% of net revenues to staff.