Italy’s largest bank Intesa Sanpaolo, which also became the EU’s largest lender by market value in October, will lay off 10% of its workforce over the next three years. The financial institution will lay off 7,000 workers in Italy and 2,000 in international subsidiaries.
As writes press service of the bank, Intesa Sanpaolo signed an agreement with the trade union delegations of FABI, FIRST CISL, FISAC/CGIL, UILCA and UNISIN regarding the voluntary retirement of employees or the Solidarity Fund. Reductions will take place without social losses – employees will receive appropriate compensation.
The bank plans to hire 3,500 young professionals on permanent contracts and invest in technology and digital transformation. Of the 3,500 new employees, 1,500 will work as wealth management and insurance consultants.
Intesa Sanpaolo expects these changes to save around 500 million euros annually starting in 2028. The costs of implementing the program will amount to €350 million.
We will remind you that at the beginning of this month, Intesa Sanpaolo became the largest creditor of the European Union by market value for the first time. Intesa’s market capitalization of 69.6 billion euros now exceeds that of Banco Santander SA, which held the top spot.
