The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
800 - 830 jobs Number of planned job losses
Announcement Date
1 July 2024
Employment effect (start)
1 July 2024
Foreseen end date
Description
Banco BPM, an Italian banking group, has announced a strategic workforce adjustment plan involving approximately 1,600 voluntary departures through early retirements and the recruitment of 800 new employees, resulting in a 2 to 1 departure-to-hire ratio.
This plan has not been well received by the three involved unions: First, Fisac, and Uilca. Upon reviewing the company's objectives, these confederal unions decided against further discussions, expressing concerns over the substantial number of exits and demanding a higher ratio of new hires to better balance the workforce reduction.
Despite the lack of union agreement, Banco BPM appears determined to move forward with its plan. As of now, around 500 employees have already accepted the terms for an incentivized exit.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
