The Italian banking sector faces mounting pressure as the government’s proposed windfall tax on excess profits disrupts negotiations between the Italian Banking Association (ABI) and labor unions over the renewal of the national collective bargaining contract for over 260mila lavoratori.
The talks, which have been ongoing for four months since the contract expired last March, are currently being navigated by the ABI’s Committee for Labor and Union Affairs (Casl), led by Ilaria Maria Dalla Riva, alongside representatives from Fabi, First Cisl, Fisac Cgil, Uilca, and Unisin.
The Sector Under Pressure
- Unions are demanding a 518 euro average monthly wage increase, citing record bank profits since late 2022.
- ABI has delayed economic discussions, pointing to the government’s upcoming budget law and a new tax package of nearly 6 billion euros.
- The next formal negotiating session is scheduled for November 19, where parties will address artificial intelligence impacts and employment protocols.
Windfall Tax Derails Wage Negotiations
The latest round of talks hit an obstacle when the windfalls tax on bank profits entered the negotiations at the ABI table, according to a report by Il Sole 24 ORE. The Committee for Labor and Union Affairs (Casl) of ABI, is currently meeting with labor unions including Fabi, First Cisl, Fisac Cgil, Uilca, and Unisin to renew the expired national contract.
Lando Sileoni, general secretary of Fabi, noted some initial verbal openings from ABI. However, Sileoni stated that “to reach the conclusion of the renewal of the national contract, it is necessary for the Casl of ABI to take on the mandate to address and define all outstanding issues,” as reported by Il Sole 24 ORE.
Sileoni further emphasized that while the timing of the closure matters, the priority is the quality of the results secured for bank employees.
Unions argue that the delay is unjustified given the widening gap between shareholder payouts and worker compensation. Riccardo Colombani, of First Cisl, remarked that “it is disappointing that the Casl of ABI, four months after the opening of the negotiations, still does not have the mandate to discuss the economic claims contained in the joint union platform, especially in light of the extraordinary balance sheet results that banks are achieving and have achieved in recent years.”
Colombani added that the current situation is disrespectful to workers who were instrumental in achieving recent record results, particularly as rising inflation erodes the purchasing power of their wages.
The Battle Over Employment Funds and Restructuring
Beyond baseline wages, the negotiations encompass the Employment Fund (Foc), which is financed jointly by workers and banks to incentivize youth hiring. Since its inception, the fund has facilitated the entry of over 40mila giovani into the banking sector.
Sileoni made it clear that unions reject any attempt to transfer baseline corporate employment costs onto the fund, stating they will not agree to “distort a tool created to support employment.” Instead, unions have expressed willingness to discuss a broader, organic, and shared occupation protocol.
Colombani highlighted that little less than 200mila i bancari face potential disruption from ongoing mergers and M&A activities within the sector. Uilca general secretary Fulvio Furlan echoed these concerns, emphasizing the need for concrete guarantees regarding job stability, work-life balance, and safeguards against heavy commercial pressures.
Furlan noted that the sector requires stability to support national development, and that the union expects an acceleration in the process to eliminate current uncertainties.
| Metric / Issue | Union Position | ABI / Employer Stance |
|---|---|---|
| Wage Demands | 518 euro average monthly increase at regime | Delayed due to budget law uncertainty and tax impacts |
| Employment Fund | Protect fund integrity; reject shifting corporate costs | Evaluating broader protocols for future hiring |
| M&A and Restructuring | Demand immediate clarity for workers | Navigating ongoing industry transformation |
Next Steps in the Credit Sector
Despite current friction regarding the budget maneuver and tax policy, both labor representatives and association leaders are eyeing the upcoming session to find common ground. Uilca noted that the November 19 meeting must move past preliminary stances to tackle concrete issues, specifically the management of artificial intelligence and its workforce impacts.
Furlan stated that stakeholders “await concrete responses on economic aspects,” stressing that stability in the credit sector is vital for national economic development.
