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GWU supports UNI Global Unionon improving banking systems

The General Workers’ Union Professionals, Finance and Services Section appeals to local banks and legislators to take note of UNI Global Union’s Frankfurt declaration.

In a statement, GWU expressed support for the UNI in limiting sales targets for employees and reducing pressures on bank staff, particularly in such sensitive areas that even have an effect on the final product and on Bank customers at large in Malta.

GWU added that it has been evident that while local banks’ profits increased or remained constant in recent years, sales pressures on staff have increased drastically. “This has direct and indirect effect on employee salaries that are in many cases linked to improved sales and also more importantly on health and work/life balance of workers. “

GWU conceded that while the UNI’s declaration basis itself upon the financial crisis, and despite how Malta’s financial services industry was relatively better prepared for such crisis, “the GWU believes that message on sales targets and financial advice is very relevant for the local scenario."

The UNI’s Frankfurt declaration called national governments, the European Union and the international community, to live up to their responsibilities and regulate financial markets “in such a way that banks and other financial service providers cannot ever be in a position where their actions can plunge entire economies into an existential crisis.”

It also called on banks to change their working models and no longer place pressure employees to ‘sell’ investments or loans. “We want working conditions which allow employees to provide customers with advice that is both fair and adapted to their needs.”

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