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
1,730 jobs Number of planned job losses
Announcement Date
17 February 2020
Employment effect (start)
Foreseen end date
31 December 2022
Description
The UBI Banca banking group presented its new business plan which includes a staff reduction of around 2,030 people by 2022, and a digitalisation of the bank's activities. The announced redundancies also include the 300 workers whose dismissal was already part of an agreement with the trade unions reached in December 2019. The new restructuring, therefore, entails 1,730 job losses. The restructuring plan also includes the closure of 175 branches.
The CEO of the institute argued that there are plans to guarantee a partial generational change, but provided no information on new recruitments.
Currently, the company employs 19,955 workers in Italy.
Eurofound (2020), UBI Banca, Internal restructuring in Italy, factsheet number 99796, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99796.
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.
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