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.