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New Delhi, Feb 1 () Services of public sector banks were impacted on Saturday as nation-wide strike by employee unions entered its second day.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) to press for wage revision pending since November 2017.
 However, private sector lenders like ICICI Bank and HDFC Bank were operational.
 Branches in several parts of the country remained closed and some of the ATMs also went dry, according to reports coming various parts of the country.
 Many banks, including State Bank of India (SBI), had informed customers in advance that operations may be impacted to some extent due to the strike.
 Cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement were affected.
 The strike coincides with the beginning of the Budget session of parliament and presentation of Union Budget 2020-21.
 Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in strike.
 Wage revision for employees of public sector banks is pending since November 2017.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, employees got a hike of 15 per cent.
 During discussions, the Indian Banks' Association (IBA) on Thursday improved their offer to 13.5 per cent, but this was not acceptable, the unions said.
 However, IBA in a statement said despite the revised offer of up to 19 per cent hike, including performance linked incentive, made by it during the meeting on Thursday, the unions decided to go ahead with the all-India bank strike. DP DP ANS
ANS

Nation-wide strike impacts banking services at PSU banks

New Delhi, Jan 31 () Services of public sector banks were impacted as employee unions went on a two-day nationwide strike from Friday to press for wage revision.
 However, private sector lenders like ICICI Bank and HDFC Bank were operational.
 Many banks, including State Bank of India (SBI), had informed customers in advance that operations may be impacted to some extent due to the strike.
 Cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement were affected.
 With this strike, banks would be closed for three days including Sunday. Banks will open only on Monday, February 3.
 The strike coincides with the beginning of the Budget session of parliament and presentation of Union Budget 2020-21.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in strike.
 Branches of public sector banks were closed in many parts of country, as per initial reports.
 Wage revision for employees of public sector banks is pending since November 2017.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, employees got a hike of 15 per cent.
 During discussions, the Indian Banks' Association (IBA) on Thursday improved their offer to 13.5 per cent, but this was not acceptable, the unions said.
 However, IBA in a statement said despite the revised offer of up to 19 per cent hike, including performance linked incentive, made by it during the meeting on Thursday, the unions decided to go ahead with the all-India bank strike.
 A section of bank employees had gone on a day-long strike on January 8 in support of 10 major trade unions' protest call against the government's "anti-people" policies. DP ANS
ANS

Two-day PSU bank strike impacts services

New Delhi, Jan 27 () Bank unions have threatened to go on a two-day nationwide strike from January 31 to press for early wage revision.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of the nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 The meeting before Chief Labour Commissioner on Monday remain inconclusive so unions did not take back strike notice, AIBOC president Sunil Kumar said.
 The wage revision for employees of public sector banks is pending since November 2017.
 In absence of no clear commitment from the Indian Banks' Association on demand from unions, the strike call stands, said AIBEA general secretary C H Venkatachalam in a statement.
 "IBA's rigid approach has left us with no option than to go on strike. We appeal to the banking customers to bear with us for this disruption in services due to the strike but the same has been forced on us by the bank managements and IBA," he said.
 Many banks including SBI have informed customers that operations may be impacted to some extent due to the proposed two-day nationwide strike beginning January 31.
 If proposed strike materialises, it will coincide with beginning of the Budget session and presentation of Budget 2020-21.
 UFBU in circular alleged rigid approach of the Indian Banks' Association on demands for a fair wage revision settlement.
 "In this background, the meeting of UFBU held at Mumbai on January 13 came to the unanimous and inescapable conclusion that intensified agitational actions have to be resorted to press our demands for reasonable resolution and satisfactory settlement," it said.
 Unions are demanding wage revision settlement at 20 per cent hike on pay slip components with adequate loading.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.
 Earlier this month, a section of bank employees had gone on a day-long strike on January 8 in support of 10 major trade unions' protest call against the government's "anti-people" policies. DP MKJ

Employees of PSU banks threaten to go on two-day strike from Jan 31

New Delhi, Jan 15 () Bank unions have threatened to go on a two-day nationwide strike beginning January 31 to press for early wage revision.
 The wage revision for employees of public sector banks is pending since November 2017.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of the nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 If proposed strike materialises, it will coincide with beginning of the Budget session and presentation of Budget 2020-21.
 UFBU in circular alleged rigid approach of the Indian Banks' Association on demands for a fair wage revision settlement.
 "In this background, the meeting of UFBU held at Mumbai on January 13 came to the unanimous and inescapable conclusion that intensified agitational actions have to be resorted to press our demands for reasonable resolution and satisfactory settlement," it said.
 Unions are demanding wage revision settlement at 20 per cent hike on pay slip components with adequate loading.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, the employees got a 15 per cent hike.
 Earlier this month, a section of bank employees had gone on a day-long strike on January 8 in support of 10 major trade unions' protest call against the government's "anti-people" policies. DP HRS

Employees of govt-owned banks threaten two-day strike from Jan 31

New Delhi, Jan 30 () Bank unions have decided to go on a two-day nationwide strike from Friday as talks with management of public sector lenders on wage revision have failed to reach a consensus.
 Many banks, including SBI, have informed customers that operations may be impacted to some extent due to the strike.
 The strike will coincide with the beginning of the Budget session of parliament and presentation of union Budget 2020-21.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 Earlier this week, a meeting with the Chief Labour Commissioner remained inconclusive, AIBOC President Sunil Kumar said.
 The wage revision for employees of public sector banks is pending since November 2017.
 "Today's talks with Indian Banks' Association (IBA) failed on demand from unions, so strike call stands," AIBEA General Secretary C H Venkatachalam said.
 IBA's rigid approach has left unions with no option than to go on strike, Vekatachalam said, adding, "We appeal to the banking customers to bear with us for this disruption in services due to the strike but the same has been forced on us by the bank managements and IBA."
 In a circular, UFBU accused the IBA of a rigid approach towards demands for a fair wage revision settlement.
 A meeting of UFBU held at Mumbai on January 13 came to the unanimous conclusion that intensified agitational actions have to be taken to press our demands, NOBW Vice President Ashwini Rana said.
 During the recent period, prices have gone up steeply and the workload on the banking workforce has also gone up enormously, UFBU said, adding that bank staffers expect a fair and reasonable hike in wages in the current settlement.
 Unions are demanding 20 per cent hike on pay slip components with adequate loading.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, the employees got a hike of 15 per cent.
 A section of bank employees had gone on a day-long strike on January 8 in support of 10 major trade unions' protest call against the government's "anti-people" policies. DP ABM

Employees of PSU banks to go on two-day strike from Friday

Banking operations at public sector banks across the country were badly hit yesterday due to a nationwide strike by the employees. The employee unions are demanding a wage revision. 
 The strike was called as the employee unions and the <keyword id="110491" type="ORGANIZATION" weightage="100" keywordseo="Indian-Bank-Association">Indian Bank Association</keyword> (IBA) failed to settle the wage dispute. While the unions are asking for a 23% hike, the IBA is ready to give just 11%. Unions have threatened to further intensify their agitation if their demands are not met. 
 
Banks had given prior information to customers about the inconvenience. "The United Forum of Bank Union (UFBU) has given a notice to IBA calling for nationwide bank strike on November 12 and All-India State Bank Officers’ Federation and All-India State Bank of India Staff Federation being a part of UFBU will also participate in the said strike," SBI had said.

Banking Services And Markets Suffer
Due To Strike

Bank employees across India, who were supposed to go on strike on January 7, 2015 over the Indian Bank Association’s (<keyword id="50362" type="ORGANIZATION" weightage="20" keywordseo="IBA">IBA</keyword>) stance on wage revision issue, have decided to defer the strike after the IBA decided to raise its stance to 12.5%. Earlier, the IBA had offered 11% salary hike against 23% raise demanded by the United Forum of Bank Unions’ (UFBU, an association of over nine bank employee unions). 
 “IBA has improved their offer to 12.5% raise in salaries. Talks will continue today as well. Hence, we deferred our strikes that were supposed to happen today,” said <keyword id="2603828" type="UNKNOWN" weightage="20" keywordseo="CH-Venkatchalam">CH Venkatchalam</keyword>, general secretary of All India Bank Employee Association (<keyword id="327672" type="ORGANIZATION" weightage="20" keywordseo="AIBEA">AIBEA</keyword>). 
 
However, he added that the bank employees intend to go the four day long strike from January 21 to January 24, 2015 as planned earlier. The employees aim to bring the bank operations to halt for almost a week. “The relay strikes will be across the country and will substantially affect the functioning of the banks all over India as the four day long strikes will be followed by the weekend,” added Venkatchalam. 
 
According to AIBEA, the bank managements have cited decline in profits as a reason for their stance on pay hikes. However, the employees have rejected the claim. 
 
It should be noted that the strike held in the last week of November had massive implication on banking operations across the country. Several ATMs were not working while many banks remained closed due to the strike.

IBA Revises Its Stance To 12.5%, Bank Employees Defer Strike

Unhappy with the Indian Bank Association’s (<keyword id="50362" type="ORGANIZATION" weightage="20" keywordseo="IBA">IBA</keyword>), rigidity in the matter of pay hike of bank employees, over nine lakh bank employees will now go on zonal strikes in December, 2014. The IBA is the apex body of all banks operating in the country. 
	 “IBA have stuck to their earlier stand of 11% despite the United Forum of Bank Unions’ (UFBU, an association of over nine bank employee unions) flexibility in scaling down the demand to 23% hike in our salaries. Consequently, the conciliation also ended in stalemate. Hence, relay strikes in December stands. This will be followed by strikes in March,” said <keyword id="2603828" type="UNKNOWN" weightage="20" keywordseo="CH-Venkatchalam">CH Venkatchalam</keyword>, general secretary of All India Bank Employee Association (<keyword id="327672" type="ORGANIZATION" weightage="20" keywordseo="AIBEA">AIBEA</keyword>) to BI India. The AIBEA is the largest as well as the old bank employee association with nearly 5 lakh employees as members. 
	 
	The bank employees had held a mass strike on November 12, 2014 as a response to IBA’s stand on wage redistribution. “The strike was a befitting reply to the rigid approach of the IBA. Two years are over and even though 14 rounds of negotiations have taken place, the talks have not concluded as the Indian Banks’ Association is not coming forward to reach an amicable settlement,” said Venkatchalam in an internal letter to the AIBEA members. 
	 
	According to AIBEA, the bank managements have cited decline in profits as a reason for their stance on pay hikes. However, the employees have rejected the claim. 
	 
	The strike held last week had massive implication on banking operations across the country. Several ATMs were not working while many banks remained closed due to the strikes. This time, the employees will go on protests on December 2, 2014 in southern region, December 3 in the northern region, followed by strikes in eastern and northeastern region on December 4, 2014. Protests will be held on December 5, 2014 in the western region of the country. “If the matter is not resolved then these will be followed by more strike actions including indefinite strike,” stated Venkatchalam.

Indian Bank Employees To Go On Strikes Over Salary Issues

Mumbai, Jan 31 () Bank employee unions went on a two-day strike on Friday to press for wage revision and other demands, hitting services like cash deposits, withdrawals and cheque clearances across the country.
 All India Bank Employees' Association claimed that around 31 lakh cheques amounting to Rs 23,000 crore remained uncleared across the country on the first day of the strike. 
 Various bank branches were closed in many parts of the country affecting services like cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement. 
 ATMs of many banks across major parts of the country went dry, causing trouble to people on the last day of the month. 
 "In the clearing grids in Mumbai, Chennai and Delhi, about 31 lakh cheques worth about Rs 23,000 crore could not be cleared due to the strike," All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said.
 Close to 10 lakh bank employees and officers of various public sector banks, some old generation private banks and a few foreign banks are on a two-day strike, starting Friday, after the negotiation on wage revision under 11th bipartite settlement failed, unions said. 
 However, private sector lenders like ICICI Bank and HDFC Bank were operational.
 On Saturday, bank branches will continue to remain closed, adding to woes of the public on the salary day.
 With this strike, banks would be closed for three days including Sunday. Banks will open only on Monday, February 3. 
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 UFBU decided to go on strike after its discussion with Indian Banks Association (IBA) on wage revision failed in the recent round of negotiations held on Thursday.
 During discussions, the IBA on Thursday improved their offer to 12.5 per cent, but this was not acceptable, the unions said. 
 "The bank managements and IBA did not come forward to settle the demands with a reasonable increase in salary looking to inflation and heavy workload on the employees," UFBU said.
 However, the IBA in a statement said despite the revised offer of up to 19 per cent hike, including performance linked incentive, made by it during the meeting on Thursday, the unions decided to go ahead with the all-India bank strike.
 Wage revision for employees of public sector banks is pending since November 2017.
 In the past wage settlement, which was for the period November 1, 2012, to October 31, 2017, employees got a hike of 15 per cent.
IBA also rejected the unions demand for five-day banking saying, "It is known to all that the economy of the country is going through testing times. Banks being the principal players in economic development, cannot afford to provide lesser number of working days for banking activities."
 The banking lobby said the country already has one of the highest numbers of public holidays and adding 26 more holidays would create more problems for the public.
 "IBA is claiming five-day banking is not possible due to the tough economic situation in the country. Then how RBI, Department of Financial Services (DFS), NCLT, Central Vigilance Commission (CVC) and other central and state departments are working for five days in a week? Are these institutions not worried about the economic slowdown?" asked a section of agitating bankers. HV MR
MR

Bank employees unions go on 2-day strike; troubles likely on salary day

<ul><li><keyword id="6477319" type="UNKNOWN" weightage="20" keywordseo="bank-employees">Bank employees</keyword> are protesting a proposal by the Indian Banks Association to hike their <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> by only 2%. </li><li>Their last wage revision in 2015 comprised a 15% hike. </li><li>However, India’s banks are in a worse state than before, given the continued buildup in non-performing loans. </li></ul>If you’re in India, planning to use an ATM or withdraw a portion of your monthly salary this week, you might have to hold off for a few days. A large number of bank employees, all of whom are members of bank unions, are set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> tomorrow and day after, across the country, in response to insufficient hike in their wages. D T Franco, the general secretary of the All India Bank Officers’ Confederation, told media outlets that the number of participants in the strike would total around <a href="http://www.business-standard.com/article/current-affairs/around-1-million-bank-employees-to-go-on-2-day-strike-from-wednesday-118052900024_1.html">1 million</a>. The strike comes despite efforts by the central government to avert it. The Chief Labour Commissioner, Rajan Verma, was unable to convince the representatives of all nine of India’s bank unions - which come together under the umbrella of the United Forum of Bank Unions (UFBU) - to accept the 2% increase in their wages that was proposed by the Indian Banks Association (IBA). According to a notice issued by the UFBU, the workload of these employees has surged in recent years, given the expansion of branch networks, launch of government banking schemes and increased compliance protocols. Concurrently, their costs of living have also increased. The UFBU’s demands include a swift and adequate increase in wages as well as the inclusion of lower-level managers, who were excluded from the wage hike scheme. The IBA only awarded pay hikes to senior managers, above the Scale III level. No easy solution The last time bank employees received a wage hike was in February 2015, when wages for the period starting November 2012 were retroactively <a href="https://www.thehindubusinessline.com/economy/15-salary-bonanza-for-bank-employees/article7244522.ece">increased by 15%</a>. Employees were likely expecting a proportional hike this time. A wage hike has been due since November 2017, when the last hike agreement expired. In the ensuing months, the 2% hike proposal has been discussed and rejected, with employees <a href="https://www.livemint.com/Politics/NRQ1kZlB7vVaUe2ICcsKKK/Bank-employees-unions-reject-2-salary-hike-threaten-strik.html">threatening a strike</a> if the proposal wasn’t revised. Given the build-up in non-performing assets, slowdown in lending and widening losses, India’s banks aren’t in the best of health at the moment. Hence, a larger wage hike will only hurt their finances more. However, as the UFBU argued, employees can’t be forced to bear the burden of India’s bad loan problem. The IBA has no choice but to negotiate an increase in wages - one that is not only acceptable to all striking employees, but that is also feasible for all banks. It will be a tricky balancing act.

Nearly 1 million bank employees in India are set to go on strike this week

Lucknow, Jan 31 () Customers of public sector banks in Uttar Pradesh faced troubles on Friday with state employee unions joining the two-day nationwide strike over wage revision, pension and other demands.
 Cash deposit, withdrawal, cheque clearances, instrument issuance and loan disbursement were affected, bank unions said.
 "Some of the demands of the protesting bank officials are salary revision, work-life balance, five-day banking, opposition to merger of banks," Dilip Chauhan, UP general secretary of All India Bank Officers' Confederation told .
 "Close to 2 lakh bank officials working in 14,000 branches of various public sector banks in UP, participated in the protest," Chauhan said.
 The strike call has been given by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers'' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
 Private banks, however were open.
 Branches of PSBs will remain closed on Saturday. Banks will reopen only on Monday, February 3.
 The strike coincides with the beginning of the Budget session of Parliament and presentation of Union Budget for 2020-21.
 Bank employee unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
 Wage revision for employees of public sector banks is pending since November 2017. NAV MR
MR

PSB employee unions in UP join two-day strike, services hit

(Image source- Reuters) <ul><li>The members of nine bank unions are all set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> on 26 December as part of a nationwide protest against the Indian government’s decision to merge <keyword id="6368859" type="COMPANY" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> with the <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>. </li><li>As a result, banking services at a number of public-sector banks will be affected, which includes ATM operations and cheque clearances. </li><li>The strike has been called by the United Forum of Bank Unions (UFBU) and will involve the participation of around 1 million bank employees. </li><li>It comes in addition to a strike coordinated by the <keyword id="723485" type="ORGANIZATION" weightage="20" keywordseo="All-India-Bank-Officers-Confederation">All India Bank Officers' Confederation</keyword> (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> for bank employees. </li></ul>The members of nine bank unions are all set to stage a strike on 26 December as part of a nationwide protest against the Indian government’s decision to <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">merge three state-owned lenders</a> - Bank of Baroda, Vijaya Bank and Dena Bank. As a result, banking services at a number of public-sector banks will be affected including ATM operations and cheque clearances. Despite the participation of the employees of some private banks, the operations of private banks are expected to continue as normal. The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella organisation for India’s nine major bank unions, and will involve the participation of around 1 million bank employees. It comes in addition to a strike coordinated by the All India Bank Officers' Confederation (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher wages for bank employees. The government decided to merge the mammoth Bank of Baroda with the smaller regional players Dena Bank and Vijaya Bank in September 2018. While the reasons for the move were manifold, it was mostly aimed at creating a larger bank with a strong capital buffers and helping Dena Bank, which has a non-performing ratio of over 11%, improve its balance sheet and be taken off the central bank’s Prompt Corrective Action watchlist. The merged entity will become the third-largest bank in India and have nearly 9,500 branches. While the decision has been welcomed in some circles, it has largely been opposed by the employees of these banks. This is mostly due to the fact that the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> is expected to result in a number of job cuts, especially since overlapping departments will be trimmed down to size, and the closure of branches that are in close proximity to one another. It could also provide further room for private banks to muscle in on the market share of public-sector banks. Separately, the Indian Banks Association (IBA), an industry lobby, has been engaged in negotiations with unions since November last year over a possible wage revision. A lack of progress led to <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">a nationwide strike</a> by employees at the end of May 2018. The IBA upped its revision proposal from 2% to <a href="https://www.business-standard.com/article/economy-policy/indian-banks-association-offers-6-wage-hike-unions-reject-the-offer-118073100058_1.html">6%</a> at the end of July, but this was rejected as employees were expecting a raise along the lines of the 15% hike received in February 2015 during the last wage revision discussions. The IBA subsequently hiked its offer to 8%, which was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-unions-reject-ibas-8-wage-hike-offer/articleshow/66891829.cms">rejected by unions</a> on 1 December. The nationwide strike by the bank unions is expected to lead to a higher wage offer, although the IBA won’t have much space to maneuver since public-sector banks are burdened with a lion’s share of the country’s bad loans. A higher wage hike proposal could offset the discomfort caused by the merger of the three public-sector lenders, which is expected to be completed early next year following the approval of the <a href="https://www.thehindubusinessline.com/money-and-banking/finmins-alternative-mechanism-gives-nod-for-bob-dena-vijaya-bank-merger/article25798898.ece">scheme of amalgamation</a> last week. SEE ALSO: <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">India’s government is merging three state-owned lenders to create one of the country’s largest banks</a> <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">Nearly 1 million bank employees in India are set to go on strike this week</a>

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

<ul class="summary-list"><li><keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> held <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> <keyword id="12540923" type="UNKNOWN" weightage="60" keywordseo="warrants" source="Orion">warrants</keyword> that would pay if their strike price were below the EV-maker's share price upon expiration.</li><li>The bank adjusted the strike price after Tesla CEO <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> tweeted that he was considering taking the company private in 2018.</li></ul>JPMorgan Chase has sued Tesla for $162 million, alleging the electric carmaker "flagrantly" breached a contract related to stock warrants.<a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.569891/gov.uscourts.nysd.569891.1.0.pdf">According to the November 15 filing,</a> Tesla sold warrants to JPMorgan that would pay off if their strike price were below the EV-maker's share price upon the warrants' expiration.JPMorgan adjusted the strike price after <a href="https://twitter.com/elonmusk/status/1026872652290379776?lang=en">CEO Elon Musk tweeted in August 2018</a> that he might take Tesla private at $420 a share and had "funding secured." JPMorgan said in the filing it made the adjustment as Musk's tweet caused "immediate and significant economic effects as the market attempted to price in the likelihood of Tesla going private."JPMorgan adjusted the strike price again when Tesla abandoned the plan to take the company private. It had contractual rights to make the adjustments, the bank said in the filing. The warrants had expiration dates ranging from June 1, 2021, to July 27, 2021. When the warrants expired, Tesla's share price had risen to levels "well above both the original and adjusted strike prices," requiring Tesla to contractually deliver shares of its stock or cash, said JPMorgan in the filing. "Even though JPMorgan's adjustments were appropriate and contractually required, Tesla has refused to settle at the contractual strike price and pay in full what it owes to JPMorgan. Tesla is in flagrant breach of its contractual obligations," the bank said in the filing.Tesla said in February 2019 that JPMorgan's adjustments were "unreasonably swift and an opportunistic attempt to take advantage of changes in volatility in Tesla's stock," according to the filing.Following Musk's 2018 tweet, the <a href="https://www.sec.gov/news/press-release/2018-219">US Securities and Exchange Commission</a> (SEC) charged Musk with securities fraud. <a href="https://www.sec.gov/news/press-release/2018-226">Tesla and Musk</a> agreed to pay $20 million each to settle the <keyword id="11921506" type="UNKNOWN" weightage="60" keywordseo="lawsuit" source="Orion">lawsuit</keyword>.Tesla did not immediately respond to Insider's request for comment on the latest lawsuit.

JPMorgan is suing Tesla for $162 million in a warrant dispute related to Elon Musk's 2018 tweets about taking the company private

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Kim Hong-JiMembers of Korean Confederation of Trade Unions attend a general strike calling for South Korean President Park Geun-hye to step down, in central Seoul, South Korea November 30, 2016.</div></div></div>Good morning! Here's what you need to know.Oil rocketed. The price of oil surged on Wednesday after reports that the oil producers' cartel OPEC <a href="http://uk.businessinsider.com/oil-price-november-30-analysis-and-opec-deal-2016-11">has agreed a deal to cut output.</a>A Goldman Sachs exec is in the frame for a top job. President-elect Donald Trump is considering Goldman Sachs President and Chief Operating Officer Gary Cohn to head the White House budget office or to fill other positions,<a href="http://www.businessinsider.com/r-update-1-goldmans-cohn-eyed-for-top-trump-budget-post--transition-official-2016-11"> a Trump transition official said.</a>RBS is in capital trouble. Royal Bank of Scotland will have to bolster its capital holdings after it failed this year's stress test of seven British lenders, <a href="http://www.businessinsider.com/r-rbs-fails-bank-of-england-stress-test-must-bolster-capital-2016-11">the Bank of England said.</a>A film producer will be US Treasury secretary. Steven Mnuchin, a Wall Street veteran with ties to Hollywood, said that President-elect Donald Trump <a href="http://www.businessinsider.com/afp-steven-mnuchin-says-hes-been-named-us-treasury-secretary-2016-11">has named him to be US Treasury secretary.</a>EU wants more green energy. Regulators set a path for renewables to power half of Europe by 2030, with plans to cut energy use, <a href="http://www.businessinsider.com/r-eu-unveils-power-market-reform-to-boost-renewables-2016-11">phase out subsidies for coal and enforce greater cross-border trade.</a>GoPro is cutting jobs. The company said on Wednesday it would cut about 15% of its workforce as the company restructures its o<a href="http://www.businessinsider.com/r-gopro-to-cut-about-15-percent-of-workforce-2016-11">nce fast-growing action camera business.</a>Lufthansa is trying to put a stop to strikes. It said it had made its German pilots a new wage offer to try to end strikes that are causing hundreds of <a href="http://www.businessinsider.com/r-update-3-lufthansa-makes-new-wage-offer-to-striking-pilots-2016-11">flight cancellations and costing millions of euros a day.</a>The US economy is doing well. US private employers added 216,000 jobs in November, well above economists' expectations, <a href="http://www.businessinsider.com/r-us-private-sector-adds-216000-jobs-in-november-adp-2016-11">a report by a payrolls processor showed</a>.President Vladimir Putin on named Maxim Oreshkin as Russia's new economy minister. The appointment<a href="http://www.businessinsider.com/r-putin-names-maxim-oreshkin-russias-new-economy-minister-2016-11"> is a promotion for Oreshkin, who was deputy finance minister.</a>Political volatility boosted trading. CME Group will set a monthly record for trading volumes in November, a top executive said on Wednesday, as US President-elect Donald Trump's victory has fueled uncertainty in markets. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/former-goldman-sachs-banker-trader-steve-mnuchin-donald-trump-treasury-secretary-hollywood-2016-11">Here's everything we know about former Goldman Sachs banker Steve Mnuchin - Trump's pick for Treasury Secretary</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="drbmx4NzE6Dznp9J5rzMFR-3oXD2KWu2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "bank strike november" and got 14 results

Nation-wide strike impacts banking services at PSU banks

PTI

Two-day PSU bank strike impacts services

PTI

Employees of PSU banks threaten to go on two-day strike from Jan 31

PTI

Employees of govt-owned banks threaten two-day strike from Jan 31

PTI

Employees of PSU banks to go on two-day strike from Friday

PTI

Banking Services And Markets Suffer Due To Strike

BI India Bureau

IBA Revises Its Stance To 12.5%, Bank Employees Defer Strike

Purba Das

Indian Bank Employees To Go On Strikes Over Salary Issues

Purba Das

Bank employees unions go on 2-day strike; troubles likely on salary day

PTI

Nearly 1 million bank employees in India are set to go on strike this week

Dilsher Dhillon

PSB employee unions in UP join two-day strike, services hit

PTI

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

Dilsher Dhillon

JPMorgan is suing Tesla for $162 million in a warrant dispute related to Elon Musk's 2018 tweets about taking the company private

Huileng Tan

10 things you need to know before European markets open

Ben Moshinsky

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