Banks were closed across Italy on Friday as 90% of unionized employees participated in a strike for renewal of a national contract, said Lando Sileoni, national secretary of bank employee's union Fabi.
Bank staff all over the country protested in squares including the Piazza della Scala in Milan against the Italian Banking Association's (ABI) decision to rescind a national collective bargaining contract.
"There will be 7,000 people (in Piazza della Scala), 130 buses are on their way," said Susanna Camusso, leader of the CGIL union federation and co-organizer of the strike.
"If ABI doesn't change its mind, we'll continue our protests and strikes," Camusso said.
Participating unions gave initial estimates of approximately 30,000 bank staff having joined in the protests, counting at least 7,000 in Milan along with others in Rome, Palermo, and Ravenna, hometown of ABI's current president, Antonio Patuelli.
For its part, ABI responded to the strikes, indicating willingness to arrive at a contract renewal, but emphasized that current conditions had lowered profitability and productivity.
"The outlook in the sector is tied to objective economic, financial, and regulatory conditions under which Italian banks must operate. This setting makes stability in the sector the primary objective," the association said.
"This situation of strong pressure on revenues, further increases in labor costs, especially with inflation and rates close to zero, is not sustainable for the industry. A return to sustainable revenue levels is essential".
Giovanni Paglia, MP for the left-wing Sel party and head of the finance committee in Italy's Lower House, called Friday's strike "very successful" and said, "Now it's time for the government to take an active role in bringing ABI to the bargaining table, for a positive conclusion to the dispute".
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