Italian banking group Unicredit announced 3,900 job cuts over the next three years.
The decision was announced as part of the 2017-2019 industrial plan, aimed at increasing profitability and reducing operating costs. The plan also entails a significant capital increase and the closure of 883 branches out of a total of 3,600. Further 2,600 redundancies are planned in other European countries, mainly in Germany and Austria.
Unions intend to negotiate a reduction in the number of dismissals and guarantee that exits are only implemented on a voluntary basis, preferably by means of early retirement.
Unicredit has already reduced significantly its headcount over the last years (see previous rannounced estructurings reported in the ERM - UnicreditIT-2016, UnicreditIT-2015b, UnicreditIT-2015a, UnicreditIT-2014).
Update, 04/02/2017: The management and unions agreed 3,900 incentivised exits, to be implemented by the end of June 2024. At the same time, unions obtained 1,300 new hirings over the same period, reducing the net cut to 2,600 employees. The agreement includes also the commitment of the company not to reduce its headcount by 2019 and to shift 600 fixed-term contracts into open-ended ones.