Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

3,500 jobs
Number of planned job losses
Job loss
1,750 jobs
Number of planned job creations
Job creation
Announcement Date
4 August 2022
Employment effect (start)
4 August 2022
Foreseen end date
30 November 2022


Banca dei Monte dei Paschi di Siena (MPS), is an Italian bank, which, in the presentation of its Industrial Plan 2022-2026, has foreseen the voluntary exit of 3500 employees. Employees have time to apply for the exit until 30 November 2022. The exit agreement also foresees that for every 2 exits it will be hired a young person, for a total of a maximum of 1750 entries. 

The exits will be supported by early retirements through the 7-year solidarity fund (as envisaged by an amendment approved during the parliamentary examination of the 'Milleproroghe' decree-law (law no. 228/2021)), as well as by the important capital increase that will be used to cover the costs of the operation. For those with a net ordinary remuneration of up to EUR 2,850, an extraordinary allowance of 85 per cent is guaranteed. For those with a higher salary, the supplement of the extraordinary allowance is guaranteed to the extent of 80%. 

The agreement was reached after consultation with the trade unions, including Fabi, First, Fisac, Uilca and Unisin, which states that it will continue to monitor the situation. 



Eurofound (2022), Banca Monte dei Paschi di Siena, Internal restructuring in Italy, factsheet number 107234, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107234.