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

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)
1 November 2020
Foreseen end date
31 December 2021


An important agreement was signed between the banking group Monte dei Paschi di Siena and the sectoral trade unions for the internal restructuring of the company. The agreement foresees a reduction of the bank's workforce by 500 workers and the contemporary hiring of 250 workers for the commercial department.

Exits will be voluntary and will take place by November 1, 2020 through the use of the sectoral solidarity fund, which will also support the hirings which will instead take place in the two-year period 2020-2021.

The restructuring agreement is consequent to the shocking losses of €845 million suffered by the company in the first semester of 2020.



Eurofound (2020), Monte dei Paschi di Siena, Internal restructuring in Italy, factsheet number 102072, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102072.