Pierre-Frank Crespi has been Secretary General of the banking trade union Syndicat des Employés Gradés et Cadres de Banque de Monaco (SEGCBM) for 12 years, and has 23 years of service in the Monegasque banking sector. Now a private banker at the Monaco branch of a French bank, he knows the industry to perfection, as well as the various problems related to financial activities in Monaco.
The banking sector is a major employer in Monaco
In 2015 there were 2658 bancassurance employees of different nationalities. 5-10% are SEGCBM members, which is the average union membership in Monaco and in France. Nevertheless, for some time we have noted an increase in memberships due to the changes in banks’ business models and their organisations.
Has the Union been in existence for long?
It is one of the oldest in Monaco and has been in existence for 71 years. On 27 February 1945, the articles of the first Syndicat des Banques de Monaco were accepted and approved by the then Minister of State. Their subsequent publication in the Official Journal of Monaco, on 1 March 1945, allowed Monaco’s bank employees to benefit from the assistance and advice of women and men dedicated to defending their fundamental rights. All were volunteers, unlike in France. And that is still the case today.
The board is replaced every year. Some members of the team sit on the employment tribunal, the Economic and Social Council, the Caisses Sociales Monégasques Finance Committee and the Office of Occupational Medicine steering committee. We have a listening and advisory role, and if necessary we ensure legal support through our perfect knowledge of the Collective Agreement and with the valuable assistance of the Union des Syndicats de Monaco (USM).
Is Monaco’s Collective Agreement for bank staff different from the French one?
Yes. It is separate. It was inspired by the French one but is now totally uncorrelated to it. Two banking visions coexist in the financial centre – the private bank vision, with mainly foreign institutions, and the more general vision of branches of French banks. These two worlds are very different, although they are tending to become closer. It is a special case, and does not affect asset management companies yet.
How are industrial relations organised?
They are based on parity commissions throughout the year, to deal with individual disputes. We organise working meetings to address core matters, such as changing or improving the Collective Agreement, for example. We are also present on redundancy and redeployment commissions for ‘banking’ cases, with the labour inspectorate and the Monegasque Association of Financial Activities (AMAF).
Once a year we meet the employees in a more relaxed atmosphere, at the “After banques” event we organise.
What are the current problems?
The pressure of ethics and compliance is very strong. It brings about a change to banks’ business models, and sometimes the closure of some organisations or the takeover of others. On the employees’ side, the effort required from them is greater. If we take the example of salespeople, they are judged on their results but they also have to perform more checks. It is difficult to live professionally and humanely. Due to the international agreements, by 2018 there is likely to be further acceleration in bank concentration.
Since a year ago, the regulation of fixed-term contracts has been posing problems for everyone - AMAF, the labour inspectorate and the unions. In our area, the objective was to standardise these contracts and limit access to temporary working. The Collective Agreement is too restrictive on these contracts and therefore not respected, so we are working for common sense to prevail.
Moreover, the challenge of digitisation is important: there is now a real desire to move customers to digital banking. This may strengthen the interest in asset management companies, but that is not a threat. On the contrary it is the building of shared work, and at the end of the day the securities are deposited with a bank in any case. On the other hand, it will entail the revision of our Collective Agreement sooner or later: it is obsolete, includes jobs that no longer exist (e.g. office equipment operators/typists) and does not cover any bank 2.0. jobs. It is inadequate but I am staying positive - the relationships are good and the two sides of the industry are more in agreement than in conflict.
