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 64.19 - Other monetary intermediation
4,000 jobs Number of planned job losses
Announcement Date
12 July 2017
Employment effect (start)
1 October 2017
Foreseen end date
31 December 2017
Description
Banking group Intesa San Paolo announced 4,000 redundancies.
The decision was agreed with unions in the context of the acquisition of Veneto Banca and Banca Popolare di Vicenza, and the transfer of about 10,000 employees thereof. The two banks, involved in a financial crisis that led to severe job cuts (see Veneto BancaIT-2015, Veneto BancaIT-2016, Banca Popolare di VicenzaIT-2015, Banca Popolare di VicenzaIT-2016), have been purchased last month with the support of significant state aid.
The envisaged job cuts will be implemented by means of early retirements, addressing at least 1,000 thereof employees handled after the acquisition. About 600 branches of the purchased banks will also be closed.
Unions are satisfied with the agreement, deeming it allowed avoiding drastic social and economic consequences despite the crisis.
Yet, they are concerned about some subsidiaries of Veneto Banca and Banca Popolare di Vicenza, which were excluded from the transfer. In the absence of a solution for these companies, about 700 workers might lose their job.
Eurofound (2017), Intesa Sanpaolo, Merger/Acquisition in Italy, factsheet number 91539, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91539.
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