Exxon Mobil Corporation’s (NYSE:XOM) Brussels office witnessed a demonstration by its XOM trading staff last week, as reported by Bloomberg. The protest centered on the relocation of the trading floor to London, a decision met with resistance from approximately 50 employees.
The demonstrators voiced concerns over the hundreds of job reductions that have taken place in the last three years. Of particular worry are the trading floor personnel, who make up about a fifth of those facing potential job losses if they choose not to relocate, according to union representatives. The protest brought attention to the fate of roughly 37 trading jobs that hang in the balance.
Earlier this year, ExxonMobil encouraged its Belgian traders to move to the U.K. as part of a larger effort to consolidate trading operations within a new global division. While the company portrays this move as an expansion of trading activities, employees remain unconvinced, citing dissatisfaction with the terms offered.
Hans Christiaens, the permanent secretary for BBTK, a Belgian socialist trade union, underscored the significance of the protest, emphasizing the need for people to recognize the current unsustainable situation.
Despite growing discontent, ExxonMobil stands firm, asserting compliance with workplace laws and regulations. However, the company’s approach has drawn criticism for sidestepping formal negotiations mandated by the “Renault Law,” which addresses significant job losses.
According to the report, ExxonMobil’s statement argues that the Renault law does not apply to its relocation plan, a position likely to escalate tensions between management and protesting employees.
Over the past three years, more than 300 ExxonMobil employees, comprising a third of the Brussels workforce, have departed from their roles. The potential departure of trading floor personnel would further reduce employee numbers by 6%.
In response to the protest, ExxonMobil issued a statement reaffirming its commitment to engage directly with employees while discouraging participation in demonstrations. The company encouraged employees to attend an internal meeting instead, cautioning against making statements that could misinterpret its stance.
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Author Stephanie Bédard-Châteauneuf 
