EMCC European Monitoring Centre on Change



Geographic Location

Country: Italy


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 55814
Group: Unicredit Group

Employment Effects

Announcement Date: 14-11-2011
Planned Job Reductions min: 5200
Planned Job Reductions max: 5200
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-12-2011
Foreseen End Date: 01-12-2015

Additional Information

Unicredit, a leading European bank based in Italy, is to cut 5,200 jobs in Italy between 2011 and 2015. The job cuts are believed to be achieved mainly through incentives for taking-up early retirement and a turnover freeze. The previous reorganisation plan (business plan 2011-13) envisaged job-cuts in Italy (for more details please see ERM factsheet). In the next days, Unicredit should start negotiations with the trade unions in order to find adequate measures to reduce the negative social effects caused by the plan.

The cuts are part of the announcement of the new 2011-15 strategic plan. The plan is based on four pillars: (1) Balance sheet structure; (2) Simplification and cost management; (3) Business refocusing; and (4) Italy turnaround. According to the company, this plan is needed in order to cope with the effects of the overall slowdown of the global economic environment and with the European sovereign debt crisis.

Unicredit has around 55,800 employees in Italy.