EMCC European Monitoring Centre on Change

Banca Popolare di Cremona

Company/Organisation:
Banca Popolare di Cremona

Geographic Location

Country: Italy
Region: Lombardia; Nord Ovest

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 8893
Group: Banca Popolare di Lodi

Employment Effects

Announcement Date: 29-11-2003
Planned Job Reductions min: 800
Planned Job Reductions max: 800
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-11-2003
Planned Job Creation: 60

Additional Information

The alliance between the Banca Popolare di Cremona and the Banca Popolare di Lodi, which has been approved by the assembly of the Banca Popolare di Cremona at the end of November 2003, has led to the creation of a new and important banking group in Lombardy, one of the most economically advanced areas in Italy. The reorganisation which will support the establishment of an integrated group will involve 800 redundancies, but no dismissals, according to the company management. In fact, such reductions will be achieved through retirements (favoured by the income support measures granted by so-called ‘mobility’ to workers who are close to retirement age) and redeployments to sales activities; all measures will be implemented on a voluntary basis. Moreover, 20 new offices of the Popolare di Cremona will be opened, thereby absorbing some 60 workers made redundant by the restructuring plan. As the central administrative offices of the group will be located in Lodi, it seems very likely that a number of employees of the Banca Popolare di Cremona will be transferred there.