MILAN -Italian bank UniCredit has signed an agreement with unions for 1,200 voluntary job cuts to be partly offset by 725 new hires, the country’s biggest banking union said on Thursday.
The FABI union welcomed the accord reached overnight, saying the proportion of six news hires for every 10 departures was a first. Italian banking unions have traditionally aimed for 50% of layoffs to be offset by the hiring of younger staff.
UniCredit on Dec. 9 unveiled a new plan to 2024 under Chief Executive Andrea Orcel, who replaced former boss Jean Pierre Mustier in April.
Unions had said the plan envisaged 950 job cuts in Italy through voluntary and early retirements, plus 475 new hires.
FABI said that a further 250 job cuts had been agreed, fully offset by 250 new arrivals.
UniCredit will also make 1,000 temporary job contracts permanent.