Italy's biggest bank by assets UniCredit is considering cutting around 10,000 jobs, or 10 percent of its global workforce, as part of a new business plan to be unveiled in December, two sources close to the matter said on Monday. One of the sources said the bank would announce at least 9,000 redundancies and the job cuts would be almost entirely in Italy.
Negotiations with unions, which are set to begin after the 2020-2023 business plan is announced on December 3, could lead to a smaller number of redundancies. UniCredit declined to comment as the plan has not been finalised yet. News of the planned job cuts was first reported by Bloomberg.
Labour groups reacted with dismay. FABI, the biggest union representing employees in the banking sector, said that if confirmed the job cuts would be "shameful", adding it was ready to take industrial action against the planned redundancies. UILCA, another trade union, said it would not stand by and accept a new belt-tightening business plan without being properly consulted. UniCredit employs 86,000 people worldwide, of which 30,000 work in its commercial banking division in Italy.