EMCC European Monitoring Centre on Change

UBI Banca

Company/Organisation:
UBI Banca

Geographic Location

Country: Italy

Company

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

Employment Effects

Announcement Date: 17-02-2020
Planned Job Reductions min: 1730
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2022

Additional Information

The UBI Banca banking group presented its new business plan which includes a staff reduction of around 2,030 people by 2022, and a digitalisation of the bank's activities. The announced redundancies also include the 300 workers whose dismissal was already part of an agreement with the trade unions reached in December 2019. The new restructuring, therefore, entails 1,730 job losses. The restructuring plan also includes the closure of 175 branches.

The CEO of the institute argued that there are plans to guarantee a partial generational change, but provided no information on new recruitments.

Currently, the company employs 19,955 workers in Italy.

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