UniCredit to cut 950 jobs in Italy under new plan -unions
Reuters
Published Dec 10, 2021 15:28
Updated Dec 10, 2021 18:40
MILAN (Reuters) - Italy's second-biggest bank UniCredit is set to cut 950 full-time positions in the country under its new plan to the end of 2024, unions said in a statement on Friday.
The cuts, mainly concentrated in central offices, will be carried out by retiring people, including by using an industry fund that allows staff to stop working up to seven years before pension age.
The unions said in UniCredit's case the fund could be tapped by employees qualifying for retirement at the latest by April 2028. Individual buyout packages will also be used.
The three-year plan, announced on Thursday, commits UniCredit to returning to investors 16 billion euros, or virtually all of the profits generated over the period. When unveiling the plan, the bank said it would not disclose layoff figures before negotiations with unions.
UniCredit kicked off formal discussions, which under Italian rules can take up to 50 days, by sending a letter to banking unions Fabi, First Cisl, Cgil Fisac, Uilca and Unisin on Thursday.
Italy accounts for 44% of UniCredit's workforce of around 87,000. Sources have previously said the plan envisages a total of around 3,000 job cuts, of which a significant portion would be in Germany.
Italian unions had agreed to 5,200 https://www.reuters.com/article/us-eurozone-banks-unicredit-idUSKBN21K2WP voluntary layoffs under the bank's previous plan, presented in December 2019 by then CEO Jean Pierre Mustier, which entailed a total 8,000 job cuts.
Italian banking unions normally aim to replace half of the people leaving with new hires. UniCredit had agreed to hire 2,600 young staff as part of its latest round of cuts.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.