• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Equities

UniCredit set to axe 6,000 jobs in Italy

UniCredit set to axe 6,000 jobs in Italy
  • Eugenia Jiménez
  • Eugenia Jiménez
  • @eugeniajjimenez
  • 18 February 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

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.

Related articles

  • Italy's Mps approves tight restructuring plan
  • Intesa Sanpaolo to cut extra 1000 branches across Italy
  • Unicredit plans to raise €13bn, slash 14,000 jobs
  • UniCredit targets €5.3bn net profit and job cuts

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.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Equities
  • UniCredit
  • Italy
  • 9%
  • People moves
  • business plans
  • job cuts
  • branch closures

More on Equities

Comment: Navigating equity markets in the year ahead

  • Comment
  • 21 January 2021
M&G taps Value Partners for £500m Chinese equities mandate

  • Equities
  • 16 December 2020
Global equities tumble on covid-19 fears and US jitters

  • Equities
  • 27 October 2020
BMO Global AM launches sustainable equity fund in China

  • ESG
  • 25 August 2020
HSBC Singapore launches first AI-powered equity index structured note

  • Equities
  • 13 August 2020
Back to Top

Most read

HSBC Singapore CEO to leave for Saudi British Bank
HSBC Singapore CEO to leave for Saudi British Bank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading