EMCC European Monitoring Centre on Change

Intesa San Paolo

Intesa San Paolo

Geographic Location

Country: Italy


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation

Employment Effects

Announcement Date: 31-05-2019
Planned Job Reductions min: 1600
Planned Job Reductions max: 1600
Type of Restructuring: Internal restructuring
Foreseen End Date: 30-06-2023
Planned Job Creation: 150
Other Job Reduction Measures: 1600

Additional Information

The banking group Intesa San Paolo announced to have reached an agreement with the trade unions concerning 1,600 voluntary redundancies and 150 new hirings through open ended contracts. This restructuring adds to the job cuts agreed in 2017 following the merger of the Intesa and San Paolo banks which amounted to 9,000.

The redundancies will take place on a voluntary basis and will be supported by the sectoral solidarity fund (600 workers) and the new law on retirements (the so called "Quota 100" and "Opzione donna") passed by the government formed by Lega and Movimento 5 Stelle which will apply to further 1,000 workers.

Workers will start expressing their interest in voluntary leave from June 2019.

In addition, the bank will hire 150 FTE which will be added to the 1,660 job creations already agreed with the unions in 2017.