Trading Places

Inside views on the jobs market

India bank unions strike over wages, consolidation


Bank employees shout during protest to mark two-day strike in Ranchi

NEW DELHI, Sept 24 (Reuters) – State-run bank employees began a two-day strike on Wednesday protesting delay in wage increases, the head of a workers union said, affecting foreign exchange trading volumes.

Bank unions representing about 900,000 employees of 26 government-run banks went on strike after talks between government officials and Indian Banks’ Association failed on Tuesday.

“Strike has been successful and banking services across the country are paralysed,” said C. H. Venkatachalam, Convenor of United Forum of Bank Unions (UFBU) and General Secretary of All India Bank Employees’ Association.

About 60,000 branches including those of country’s largest lender State Bank of India have been closed, he said.

Wall Street job losses may be Asia’s gain


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MUMBAI/SHANGHAI: Within hours of Bank of America agreeing to buy Merrill Lynch this week, Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from massive Wall Street layoffs.

For China and India, whose economies are still expanding at well over 7 percent, the global financial industry crisis makes it easier to recruit bankers who are brushing off their resumes.