The labour market in the Financial Industry (2008 Report)

Compensation and labour costs in the Italian & European banking sector

di: ABI

Bancaria Editrice
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This is the fifteenth 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 in Italian banks
2. Regulatory provisions relating to the labour market and supplementary pension coverage in Italy
2.1 The compulsory pension system
2.2 The coming into force of the reform of the supplementary pension system
2.3 The Supplementary Pension Plans Survey 2007 of the Italian banking sector
2.3.1 Closed-end pension funds
2.3.2 Open-end pension funds
2.3.3 Supplementary retirement insurance cover of «atypical workers
3. Internationalisation of Italian banking groups
3.1 Evolution and composition of Italian banking groups
3.2 Size and internationalisation of Italian banking groups
3.3 Breakdown of Italian banking groups' staff by geography and activity
4. Labour and external competition: an overview
4.1 Foreword
4.2 Analysis of a sample of large European banks
4.3 Labour costs per employee
4.4 Labour cost vs. gross income
4.5 The cost structure
4.6 Labour costs 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 job positions
5.2.2 Positions of managers at the 1st and 2nd pay levels, nd of senior managers
5.3 Conclusions
6. Processes of change at European banks
6.1 Foreword
6.2 Mergers and acquisitions in the integration of European financial markets
6.3 Streamlining operational structures
6.4 A low cost bank
6.5 International integration and human resources
6.6 Conclusions
Closing remarks
Methodological Appendix