The labour market in the Financial Industry (2006 Report)

Compensation and labour costs in the Italian & European banking sector

di: ABI

Bancaria Editrice
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This is the fourteenth edition of the Annual Report on labour costs, salaries and some issues related to the European banking sector. In addition to the usual updating of figures and closer consideration of the national and international situation, the volume, using a set of international data - as well as information gathered directly by the authors from foreign banks and banking associations - examines the main features of the salary systems in force in the main European countries, as well as levels of labour costs and bank productivity.

This Report has been realised by Giancarlo Durante (head of project and co-ordinator), Luigi Prosperetti (scientific consultant) and a group established by the following offices of the Italian Banking Association: Wage Systems and Dynamics, Labour Legislation, Social and Tradeunions issues, Research and Analysis and Economic Evaluations.

1. Employment
2. Regulatory provisions relating to the labour market and supplementary pension coverage in Italy

2.1 The Reform of the Italian social security system
2.2 The Reform of the Supplementary Pension System in Italy
2.3 Supplementary pension coverage in the Italian banking industry

2.3.1 Closed-end funds
2.3.2 Open-end funds
3. Employment agreements in Europe and Italy
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3.1 Contractual arrangements in Europe
3.2 Contractual arrangements in Italy
3.3 Contractual arrangements in the Italian banking sector
3.4 Company-level complementary bargaining in Italy pursuant to the industry-wide agreement of 12 February 2005
4. Labour and external competition: an overview
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4.1 Foreword
4.2 Analysis of a sample of large European banks
4.3 Staff costs per employee
4.4 Staff costs and productivity: labour cost vs. gross income
4.5 The cost structure
4.6 Labour cost vs. operating costs
4.7 Cost structure and profitability
4.8 Regional banks
4.9 Conclusions
5. Labour and external competitiveness: salaries and labour cost by job position
5.1 Foreword
5.2 Salaries and labour cost for some job positions
5.2.1 Non-managerial jobs
5.2.2 Positions of middle managers at the 1st and 2nd pay levels, and executives
5.3 Conclusions
6. European banks preparing for international integration
6.1 Foreword
6.2 A European-scale reorganisation of the bank industry
6.3 Internationalisation and human resource management
6.4 Offshoring, inshoring and the reduction of unit costs
6.5 Conclusions
Closing remarks
Methodological Appendix