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.