Some 150 employees of First Bank Romania, a former subsidiary of Greek group Piraeus Bank recently acquired by U.S. investment fund J.C. Flowers, protested on March 15 asking for higher severance payments (compared to those stipulated by the collective labor contract), Ziarul Financiar reported.

They also want the bank to pay the 13th annual wage and quarterly bonuses (based on sales performances). The bank’s management previously announced, on March 4, plans to make redundant some 380 of bank’s employees and merge some 40 regional branches.

The 13th wage, payable in July, and the quarterly bonuses would be eliminated under the management’s plans. The final decision on the actual downsizing of the bank’s operations will be taken upon negotiations, the management announced at that time.

Currently, the bank operates 100 regional branches and employs some 1,300 people.

(Photo: First Bank Facebook Page)

editor@romania-insider.com