Italian bank UniCredit has confirmed its plans to cut around 6,000 jobs and close 450 branches in Italy.
The layoffs and branch closures are expected to take place through 2023 as part of the firm's three year-efficiency plan in motion.
The move follows the announcement of the Italian lender in December, which envisaged to axe about 8,000 positions and close 500 branches to shrink overall workforce by 9%. The announcement angered Italian unions.
The Italian bank has also announced its negotiation talks with unions have already began with the aim to reach an agreement over the layoffs and branch closures.
In a letter to unions, the bank said that there would be 5,500 cuts in Italy under the new plan, plus a further 500 that it had yet to deliver under its previous plan to 2019, Reuters reported.
The letter also said that UniCredit wanted to find "shared solutions" and pointed to early retirement for staff close to pension age.
UniCredit note added that revenue trends would never return to levels reached before the global financial crisis, pointing to the challenge posed by negative interest rates and competition from non-banking players.