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A few days ago, when ABI, the Italian banking association, broke the the Collective Agreement for the entire Banking Sector,

Lando Maria Sileoni Secretary General of FABI the largest Union in the Banking Sector, took a strong position against top managers bonuses.



Instead of leaving more than 330 thousand banks employees without a contract, as well as threatening thousands of new job cuts, Unions have asked bankers to reduce bonuses and wages of their top managers who earn 100 times more than the average employee, putting a limit of 600 thousand euro, for at least two years. 



On October 2nd, even the Financial Times reported about the angry reaction of Italian Trade Unions concerning

the severance package negotiated by Mr. Cucchiani CEO of Intesa Sanpaolo, who stepped down on September 30th.



As reported by The Financial Times, Mr. CucchianI should receive 4,5 million euros and would remain employed by the bank without a role or responsibilities until April 2014, just so as to reach the pension age, and get the maximum pension from the Italian State. The FT commented that this could only happen in Italy.



Lando Sileoni from FABI declared: " By taking a decision like this during a crisis period in the financial sector,  the banking system has lost the last drop of respect it once had".



Source: FABI



http://www.fabi.it/news/news-in-evidenza/buonuscita-cucchiani-il-jaccuse-della-fabi-sul-financial-times.html