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

7,200 jobs
Number of planned job losses
Job loss
3,500 jobs
Number of planned job creations
Job creation
Announcement Date
30 September 2020
Employment effect (start)
1 January 2021
Foreseen end date
31 December 2023


The banking group Intesa San Paolo signed an agreement with the trade unions foreseeing 5,000 voluntary departures and 2,500 new hirings in the period 2021-2023, thereby giving way to a strong intergenerational replacement. 

The restructuring will take place in the context of the merger with the banking group UBI Banca. Voluntary exits will take place through retirements (also within the pension programs 'Quota 100' and 'Opzione donna' passed by the Conte I government) or through the help of the sectoral Solidarity Fund.  

Previous restructuring took place in 2019 (1,600 jobs cut) and in 2017 (4,000 jobs cut).

Update, 14/01/2021: Turnover among Intesa Sanpaolo personnel increased following the trade union agreement that looks at the 'generational change' linked to the acquisition of Ubi Banca. The trade unions have negotiated for a further 1,000 new hires, in addition to the 2,500 already envisaged by the agreement with the unions of last 29 September, which provided for at least 5,000 voluntary exits. Requests for exits reached the number of 7,200 which the bank has decided to accept, consequently increasing the number of entries for preserving the ratio of one new hire for every two exits.



Eurofound (2020), Intesa San Paolo, Merger/Acquisition in Italy, factsheet number 101931, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101931.