The management and the works council of Hypo-Vereinsbank, the German branch of the financial institution Unicredit, announced a long-term restructuring plan, which will cut 1,300 positions by 2030. The agreement states that the positions will be cut by natural fluctuation, early retirement or voluntary termination of contracts in the period time from 2020 to 2030. The agreement also sets the protection of 10,918 full-time positions. The decision is motivated by global trends of decreasing profits in the banking sector. In early December 2019, the Italian Unicredit announced the cutting of 8,000 positions in Italy, Austria and Germany by 2030.