Israeli Banks to Strike Over Capital Market Reform

Israeli bank workers said on Monday they plan a nationwide strike next week that would shut all the country’s banks and financial markets in a protest against the government’s planned capital market reforms.

Unions said 40,000 workers would launch an open-ended strike at Israel’s 1,000 bank offices starting on Sunday, creating problems for Israelis preparing for a busy travel and shopping period just before the week-long Jewish holiday of Passover.

A strike would also paralyse the Tel Aviv Stock Exchange, which relies on Israeli banks to carry out most trading, and halt foreign currency dealings.

Employees and the banks themselves are angry at proposed changes under Finance Minister Benjamin Netanyahu’s free market reform programme, including requirements for banks to sell their mutual funds and other asset management business.

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