Intesa Sanpaolo: It further cuts 2,000 seats by 2025

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Intesa Sanpaolo has reached an agreement with the workers’ unions regarding its plans to cut another 2,000 jobs through voluntary redundancies, and to hire 1,100 new employees by 2025.

The Italian bank said late yesterday that its target of 2,000 people leaving voluntarily would affect the entire group, including executives.

Intesa plans to proceed with a new recruitment for every two voluntary departures, up to 1,000 people, and an additional 100 under an agreement signed in September 2020.

The move aims to “enable a generational change at no social cost, while continuing to provide an alternative to potential pathways for retraining and rearranging people,” the bank said.

Last year, Intesa chose to cut thousands of jobs after acquiring the smaller competitor, UBI Banca.

In total, Intesa stressed that 9,200 people will leave the group by the end of the first quarter of 2025, while there will be 4,6000 new hires by December 2025.

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Source From: Capital

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