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
Group: Intesa San Paolo

Employment Effects

Announcement Date: 30-09-2020
Planned Job Reductions min: 7200
Planned Job Reductions max: 7200
Type of Restructuring: Merger/Acquisition
Employment Effect Start: 01-01-2021
Foreseen End Date: 31-12-2023
Planned Job Creation: 3500
Other Job Reduction Measures: 7200

Additional Information

The banking group Intesa San Paolo signed an agreement with the trade unions foreseeing 5,000 voluntary departures and 2,500 new hirings in the period 2021-2023, thereby giving way to a strong intergenerational replacement. 

The restructuring will take place in the context of the merger with the banking group UBI Banca. Voluntary exits will take place through retirements (also within the pension programs 'Quota 100' and 'Opzione donna' passed by the Conte I government) or through the help of the sectoral Solidarity Fund.  

Previous restructuring took place in 2019 (1,600 jobs cut) and in 2017 (4,000 jobs cut).

Update, 14/01/2021: Turnover among Intesa Sanpaolo personnel increased following the trade union agreement that looks at the 'generational change' linked to the acquisition of Ubi Banca. The trade unions have negotiated for a further 1,000 new hires, in addition to the 2,500 already envisaged by the agreement with the unions of last 29 September, which provided for at least 5,000 voluntary exits. Requests for exits reached the number of 7,200 which the bank has decided to accept, consequently increasing the number of entries for preserving the ratio of one new hire for every two exits.