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
3,000 - 5,000 jobs Number of planned job losses
Announcement Date
3 June 2011
Employment effect (start)
31 July 2011
Foreseen end date
31 December 2013
Description
Italian bank Intesa San Paolo is to cut 10,000 jobs by the end of 2013. The bank has announced the 2011-13 industrial plan that envisages a wide reorganisation of branches and a significant cost reduction.The bank will also reduce its costs, although the previously announced job losses are expected to affect fewer than 200 local staff. Intesa Sanpaolo will prioritise regional loans to families and businesses thanks to improved cash flow. The bank will also tap into the growing credit card and savings markets in the region.The trade unions criticised the company's decision announcing some protest actions.
After three months of negotiations, at the end of July Intesa San Paolo and the main sectoral trade unions reached an agreement on the new industrial plan. The agreement provides measures in order to manage the job-cuts, but also the possible creation of new jobs.
The agreement envisages 3,000 job-cuts by the end of 2013. At the end of July 2011 around 2,500 employees have reached all the requisites needed for retirement. Who among them decide, by the end of September, to leave the company, they will receive an economic incentive. If at the end of September there are not 2,500 voluntary dismissals, the agreement will provide the recourse to the procedures for collective dismissals (according to the law 223/1991). Moreover, the company could use the social shock absorber measures provided by the sectoral "Solidarity Fund" (recently reformed) for other 500 redundant workers.
Moreover, if in the next two years there are further 2,000 voluntary dismissals (with the support of the "Solidarity Fund" measures and economic incentives), Intesa San Paolo will start a new job-creation plan. In particular, when the job-cuts will be 4,000, the company will create 250 jobs, at 4,500 job-cuts further 250 new jobs will be created, and other 250 new jobs when the job-cuts will be 5,000. Additionally further 250 new jobs will be created through the "expansive solidarity agreement": i.e. an inter-generation agreement that envisages both a progressive reduction of working time for workers close to retirement and, at the same time, the creation of new jobs for young workers.
Finally the agreement envisages some scheduled meetings between company and trade unions in order to monitor its implementation.
In Italy, Intesa San Paolo has around 71,000 employees (101,000 worldwide).
Sources
30 July 2011: Il Sole 24 Ore
12 June 2011: La Repubblica
4 June 2011: Il Sole 24 Ore
Citation
Eurofound (2011), Intesa Sanpaolo, Internal restructuring in Italy, factsheet number 72049, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72049.
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