Show PUT million BANK IN HANDS OF EMPLOYEES part of earnings will be set aside to tiep help them acquire stock according to plan san francisco A plan whereby the employees of the bank of italy a institution tire are to take over control of the batik bank lias has been by the hoard board of directors it ans ns announced by A P Gl armint president the plan will go into effect et on january 1 next As a preliminary move mr Glan giannini nini III retire as president and james A the present senior vice president will succeed him as head bead of the institution the hank blank of italy has approximately depositors and 80 branches mr wilt will continue as chairman of the banks executive committee and finance committee L will remain as cl chairman ial of the board of directors the plan calls for or the obtaining of 0 a controlling block of stoel stock by the active employees a change in tile lie list of 0 officers and the directorate at least every file years to allow for promotions to lo these from tile the employees plo list and full protection for the laxo stockholders the bank N will III set aside 40 per cent of its net earnings at the en end of each half belf year to be added to a sum slim contributed tri buted from the lie salaries tind wag wages gea of the employees the 40 per cent contribution of the bank including dividends will be given to tile the e employees in gratis each to receive in proportion to the amount he contributes no employee will nill be permitted to subscribe more than 10 per cent of his salary to the fund find the minimum he may subscribe lias has been set at 3 per cent thus those receiving the larger salaries will be prevented from gaining control of the bulk of the stock through gift or by other means the bonus plan of the bank which cells for a yearly distribution of ap proximately Is to be con continued tirl tills this gift of extra compensation will be applied to the control fund thus insuring the participation of every employee in III the control even it if only to the exec extent nt of ills yearly bonus |