Customers of private banks across Germany should prepare for possible warning strikes from next week. The Verdi services union announced on Thursday that the strikes would be extended nationwide from November 16. The first strikes are scheduled to take place in Saxony, Saxony-Anhalt and Thuringia.
The union said the industrial action was intended to increase pressure on employers ahead of the third round of collective bargaining negotiations.
The third round of negotiations is scheduled for November 23 in Berlin. During the second round earlier this month, the Employers' Association of Private Banks presented an offer proposing a total increase of 4.2 per cent in collectively agreed salaries, to be implemented in two stages.
However, the increases would not begin until mid-2027 and would be spread over a contract period of 36 months. Verdi has strongly criticised the proposal. The union is demanding a six per cent pay increase for approximately 150,000 employees, with a contract period of just 12 months.
On Thursday, Verdi criticised the employers' offer, arguing that it would amount to an annual salary increase of only around 1.4 per cent over the three-year contract period. This would be "significantly below the expected rate of inflation", the union said.
Verdi also criticised the employers' lack of willingness to negotiate on other issues, including the permanent employment of young professionals after completing their training and stronger protection against dismissal.
"The banks want three years of certainty over their labour costs, but refuse to offer employees security for their jobs and professional futures," said Jan Duscheck, Verdi's chief negotiator.
The Employers' Association of Private Banks, meanwhile, emphasised that the sector's recently strong financial results in Germany should not obscure the fact that the banking industry faces considerable risks.
The economy is under significant pressure from wars, crises and tariff policies, the association said. In addition, increased IT risks and the substantial need for new digital infrastructure require "considerable investments, which will consume a large part of the profits currently being generated". The association therefore said that cost discipline was necessary.
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