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Brazilian Bank Workers Vote To Continue Strike; No Talks Set

October 6th, 2009

greve.bancariosBrazilian bank workers voted Monday to continue a 12- day-old strike, with no new talks scheduled, union spokesmen said.

Talks Thursday broke down when there was no movement on key wage and job security issues.

Workers are demanding a 10% wage hike, a bigger stake in profit-sharing and job guarantees in the event of bank mergers. Banks represented by the National Bankers Federation have offered a 4.5% wage hike, in line with domestic inflation, minor changes to profit-sharing plans and no job guarantees.

Brazil has 465,000 unionized bank workers. Effects of the strike have been spotty, with banks in small towns and rural areas operating at near-normal levels but many banks shuttered in big cities, including Brazil’s financial center of Sao Paulo.

The bank strike, however, has not halted trading on financial exchanges, which rely on electronic transfers.

-By Tom Murphy

http://www.nasdaq.com


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