Bank Igud (Union Bank) was closed today because of a strike against the backdrop of the intention to merge the bank with Mizrahi Tefahot, which is expected to lead to the firing of 70% of the workers, according to Channel 10 Television. In the afternoon, workers committees are expected to convene for an emergency meeting in order to decide on further steps.
The unions said: "We will continue to struggle to keep the bank independent and not to allow layoffs. Bank Igud is profitable and stable. This merger is good only in order to increase profit to Mizrahi Bank and the tycoons, which is bad for employees, harmful to competition in banking and to the public, which will pay a lot more to the banks." The bank cited the workers for not engaging in serious talks and said its size and Israel's regulatory environment made it difficult to improve its performance on its own.