KBC INFORMED OF 'SIGNIFICANT CONCERN' FOR STAFF IN IRELAND - The head of the Financial Services Union has written to the chief executive of KBC Bank Ireland to express its concern about the possible outcome of a strategic review, which is due to be announced by its Belgian parent when it publishes its latest results on February 9th.
Larry Broderick, general secretary of the FSU, said there was "significant concern" among KBC staff in Ireland that its parent could sell the operation here. "Our members in KBC are concerned about their jobs and their future roles," he said. "This uncertainty cannot be allowed to hang over staff for the next month. I have written to the chief executive of KBC Ireland [Wim Verbraeken] expressing the concerns of KBC bank staff." Mr Broderick urged KBC to put in place a "mechanism so that the views of staff have a voice" before the bank’s decision is made public, says the Irish Times. However, Viviane Huybrecht, the head of corporate communications and a spokeswoman for KBC Group, said its obligations as a listed company meant staff would be informed at the same time as all other stakeholders when it publishes its financial results next month. Ms Huybrecht also noted that KBC was non-union in Ireland and that the FSU has no collective bargaining rights with the bank, even though some staff are members of the union.
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G4S IRELAND BACK IN BLACK AFTER SUCCESSFUL RESTRUCTURING - The Irish arm of security giant G4S returned to operating profit in 2015 after a restructuring.
New accounts show that G4S Cash Solutions Ireland recorded an operating profit of €1.1m in the 12 months to the end of December 2015 and this followed the firm recording an operating loss of €7.2m in 2014. The company returned to operating profit after revenues increased by 11% to €37m. However, finance expenses of €1.75m pushed the firm into the red to a record a pre-tax loss of €606,000. The loss though is only a fraction of the €8.3m pre-tax loss sustained in 2014, says the Irish Independent. According to the directors report, the revenues increased due to both new business wins and volume increases with existing customers. "The effects of the 2014 restructuring programme, combined with a review of all ongoing direct cost and overhead lines, were evident in the reduction in operating costs," the report said. The directors added that the company continues to operate in a challenging, competitive environment where cost control is vital to ensure that the recovery of the trading performance is sustainable.
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IRISH OWNERS IN VOLKSWAGEN ACTION - More than 800 motorists have now contacted an Irish solicitor’s firm representing claimants over the Volkswagen emissions scandal.
The Irish Examiner understands O’Dwyer Solicitors in Ballyhaunis, Co Mayo has been contacted by over 800 motorists and the firm expects more in the future. The firm declined to comment. The firm was granted a court order for discovery by Judge Mary Devins in Castlebar District Court in June last year, becoming the first in Europe to have a case relating to the global Volkswagen emissions scandal heard in court. The scandal arose in September 2015 when the German motor giant admitted it had fitted ‘cheat software’ to 11 million vehicles which disguised the extent of the harmful nitrogen oxide emissions produced by its cars. The latest Irish figures come as British law firm Harcus Sinclair UK said yesterday it had launched legal action in Britain against Volkswagen, seeking thousands of pounds of compensation each for British drivers affected.
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DEUTSCHE BANK TURNS TO SOCIAL MEDIA TO HIRE YOUNG TALENT - Deutsche Bank has turned to social media feeds such as Twitter and LinkedIn to find promising millennials who could be persuaded to consider a career in finance.
Germany’s biggest bank launched a programme late last year to monitor the online activity of university students to identify those who might be a good fit for the bank but would not apply through traditional channels such as on-campus recruitment drives, says the Financial Times. In the first two weeks of the initiative in late November, a special team at the bank identified 250 potential hires, who were then encouraged to take part in the bank’s UK graduate recruitment programme. The scheme - which Deutsche says is the first of its kind for a bank - is the latest attempt by Wall Street and European banking groups to move beyond their traditional hiring patch of economics and finance graduates. Deutsche turned to the scheme following a decline in the popularity of banking among top graduates and a recognition among executives that broader skills and experience could benefit banks by producing a staff more adept at challenging existing practices and innovating.
