EMCC European Monitoring Centre on Change



Geographic Location

Country: Italy


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 38000
Group: Unicredit

Employment Effects

Announcement Date: 13-12-2016
Planned Job Reductions min: 2600
Planned Job Reductions max: 2600
Type of Restructuring: Internal restructuring
Employment Effect Start: 05-02-2017
Foreseen End Date: 30-06-2024

Additional Information

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.