Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

250 - 500 jobs
Number of planned job losses
Job loss
250 jobs
Number of planned job creations
Job creation
Announcement Date
6 August 2020
Employment effect (start)
Foreseen end date
1 November 2020


The banking and financial services group Gruppo Montepaschi signed an agreement with the trade unions foreseeing a reduction of the workforce of the group's companies for a total of 500 workers by 1 November 2020 and 250 new hires by the end of 2021. 

As usual in the credit sector, rendundancies will take place on a voluntary basis and will be supported by the sectoral solidarity fund 'Fondo di Solidarietà'.

Trade unions expressed their satisfaction for the voluntary nature of the redundancies and for the commitment of the Group to new hires.



Eurofound (2020), Gruppo Montepaschi , Internal restructuring in Italy, factsheet number 101511, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101511.