UniCredit plans to cut nearly a thousand jobs in Italy

The Italian bank UniCredit plans to cancel almost a thousand jobs on the domestic market. It is part of a new three-year plan introduced by the bank late last week. The management of the second largest bank in Italy has announced that it will cut a total of 950 jobs on the domestic market as part of a new plan for 2022-2024. It wants to cancel the positions through the retirement of employees, while it also plans to use a fund that allows people to finish work about seven years before reaching retirement age. The union representatives informed that in the case of UniCredit, all employees who reach retirement age at the end of April 2028 at the latest will be able to use the fund. At the same time, the bank expects to pay severance pay. Under the new three-year plan, UniCredit wants to pay out 16 billion euros to investors. The bank published this information on Thursday (December 9), but at that time refused to state the planned number of canceled jobs, stating that it must first consult the unions on this plan. The official negotiations, which the bank then started with the unions on that day, can last almost two months under Italian law. In Italy, UniCredit employs about 44% of the total number of about 87,000 employees. As previously mentioned by Reuters, unnamed sources say the job reduction plan envisages the cancellation of about 3,000 positions, many of them in Germany.