Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

German Bank Workers’ Union Ver.di Repeats Call for Pay Increase

May 2 (Bloomberg) -- German labor union Ver.di repeated its call for a 6 percent wage increase for 220,000 workers at the nation’s banks before a third round of talks start this week.

“We expect both private and public banks to finally present a negotiable offer,” Beate Mensch, who is leading the wage negotiations with employers on behalf of Ver.di, said in a statement today. “Such a step is not only important for the employees but for the whole industry.”

The pay demands may increase banks’ costs as German lenders work to fill a 13.1 billion-euro ($17.2 billion) capital hole identified by European regulators and the sovereign debt crisis weighs on earnings. Moderate wage claims that helped Germany climb out of recession in 2009 are being abandoned in industries from banks to engineering and public services, helping support private consumption.

Ver.di and the banks will resume negotiations on May 4 in Frankfurt. The union won a 6.5 percent wage increase last month for about 2 million public-sector workers.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.