Quintet: here we go again!

Quintet: here we go again!

« 300 positions to be cut across the Quintet Group in Europe over the next three years. »

This is the information that your Staff Delegation received on Wednesday 3 December from Management.

There are currently 1,600 people in the Group. In three years' time, there will be 1,300. And how many in Luxembourg?!

For the Quintet Staff Delegation in Luxembourg and your ALEBA staff representatives, and of course for all staff in Luxembourg, a new period of uncertainty is beginning.

And as I write this article, I can only say that history is repeating itself (once again) in our company.

Once again, the staff will suffer. In Luxembourg, this same staff was shaken up in 2010, 2012, 2017, and then again, to a lesser extent, since 2023 — and now again tomorrow…

As I recall, in 2004 there were approximately 1,300 people in Luxembourg. A little over 20 years later, at the end of 2025, there are 650! Few companies in Luxembourg are experiencing such a decline!

Yes, our company must definitely get itself in order to respond to new, important and essential challenges, such as AI, cryptocurrencies, tokenisation, and so on.

Yes, Quintet's profitability, as well as our shareholder's return, must be better guaranteed.

However, does this mean we must once again massively sacrifice loyal and committed staff, who have created value both in the past and today?

We will see what Management has planned for the Luxembourg site.

Meetings are scheduled for this week; specific information will be requested in terms of impact and dates, but also investments and detailed strategy — and, particularly important for our ALEBA Section, in terms of the demographic pyramid!

Did you know that by 2030, approximately 20% of staff in Luxembourg will be eligible for early retirement or statutory pension?

This “favourable” demographic pyramid should form a major part of the response to this new challenge of reducing employment at the bank in Luxembourg!

In any case, it is certain — and I am personally more committed than ever — that all your ALEBA representatives will fight to guarantee that everyone will either be able to find a new job within the bank if their position is eliminated, or leave under fair and socially responsible financial conditions if a new position cannot be found.

In the meantime, life goes on, and on the morning of 9 December, Barbara, Daniel and I handed out to everyone a small 2026 calendar with the social parameters, as well as a stick with a refillable reservoir and a wiper for cleaning your screens (PC, smartphone, etc.).

These small gifts, on the eve of Christmas, are our way of thanking you for your trust in the ALEBA representatives throughout the year!

To all of you, despite the difficult circumstances we are experiencing, I would like to wish you a wonderful festive season surrounded by your loved ones, a happy New Year 2026 and, last but not least, good health!

Laurent Mertz, President of the ALEBA Quintet Section