Over 100 staff at GAM Fund Management face redundancy in New Year

Issued : 23 December 2015

Staff petition their employer for better redundancy terms through engagement with Union

Over 100 staff at GAM Fund Management are to be made redundant in 2016 as a result of outsourcing. Although the employer initially announced the proposals in August, there has been no substantive engagement with the employees’ union representatives, IBOA The Finance Union in the meantime.

Despite the employer’s claims in the media that it would try to avoid redundancies through alternative roles and natural attrition, it has repeatedly refused to engage with the Union. A petition signed by 76 of the affected staff is to be submitted to management today asking them to meet the Union representatives.

GAM’s new CEO, Alex Friedman, was appointed at a total cost of over €14m less than a year before the redundancies were announced at a time when GAMs profits were at a record high.

“It is very disappointing that, under his leadership, the company is now firing experienced staff, most of whom earn less than the average industrial wage. These staff have contributed significantly to GAM’s strong performance in recent years. Despite record profits, they are not only being laid off – but are also having to oversee the outsourcing of their own jobs.”

“Our members have decided to submit this petition to GAM management today to make clear that the staff are standing together and that they deserve better. The least the employer should do is recognise the need to treat staff fairly by engaging with their Union representatives to develop reasonable redundancy proposals.”