The strike at First International Bank of Israel (TASE: FTIN1;FTIN5) and its subsidiary Poalei Agudat Israel Bank will continue through Thursday, after the bank's management and workers committee did not meet today.
Talks earlier this week stymied, including a direct meeting between First International Bank president and CEO Smadar Barber-Zadik and clerks committee chairman Hanoch Livneh. The workers committee claims that the bank executives in the talks lack the authority to make decisions, rendering the meetings meaningless.
The workers committee added that although the bank's management has admitted to several breaches of contract, it is not prepared to hand over the figures to the workers committee. These breaches include linkage to salaries at Bank Leumi (TASE: LUMI), and the employment of students at Poalei Agudat Israel Bank.
At 10:30 am on Thursday, the bank's workers committee will convene the employees in Tel Aviv. 2,000 employees are expected to participate. Livneh will update the employees on the negotiations with management and announce subsequent measures.
First International Bank's share continued its slow but steady rise today, rising another 0.3% by mid-afternoon to NIS 60.51.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2010
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