EMCC European Monitoring Centre on Change



Geographic Location

Country: Italy


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 4500
Group: Creval group

Employment Effects

Announcement Date: 29-07-2012
Planned Job Reductions min: 150
Planned Job Reductions max: 150
Type of Restructuring: Internal restructuring
Employment Effect Start: 31-10-2012

Additional Information

Credito Valtellinese (Creval), an Italian banking institute, has announced 150 job-cuts in its 2012-2014 business plan. This decision was reached after consultation with the trade unions.

The plan envisages measures aimed at reducing negative effects for the redundant workers, i.e. economic incentives and the recourse to the sectoral solidarity fund.

The Credito Valtellinese group includes four territorial banks: Creval, Credito Artigiano, Carifano and Credito Siciliano. Creval has around 4,500 employees.