EMCC European Monitoring Centre on Change



Geographic Location

Country: Italy


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 40000

Employment Effects

Announcement Date: 03-02-2016
Planned Job Reductions min: 2700
Planned Job Reductions max: 2700
Type of Restructuring: Internal restructuring
Employment Effect Start: 30-06-2016
Foreseen End Date: 31-12-2018
Other Job Reduction Measures: 2700

Additional Information

Unicredit, an Italian leading banking group, signed an agreement envisaging 2,700 exits, and 500 new hirings.

The staff reduction is part of the 2015-2018 business plan, entailing overall 5,100 redundancies. Unicredit and unions already reached an agreement over 2,400 redundancies and 800 new hirings in June 2014 (see UnicreditIT-2014) and underwrote to negotiate further 2,700 layoffs in 2015.

Negotiations have now been concluded, entailing 2,700 incentivised early dismissals and a turnover to take place mainly by means of 500 new apprenticeship contracts, and by retaining 450 apprentices.

Discussions are still ongoing for the further 540 dismissals announced by the company in the late 2015 (see UnicreditIT-2015).