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

3,600 jobs
Number of planned job losses
Job loss
Announcement Date
13 November 2003
Employment effect (start)
1 January 2003
Foreseen end date
1 December 2004


The Monte dei Paschi bank is one of the leading banking groups in Italy. The 2003-2006 industrial plan of the Monte dei Paschi bank of Siena, which was approved on 18 December 2003, envisages a reduction of employment in central structures and back-office activities. Some 3,600 jobs will be lost in these areas. Around 1,900 workers will be trained and redeployed in sales activities. In practice, there will be 1,700 redundancies, 600 of which have already been implemented in 2003. These measures will allow a reduction in labour costs by 1.9% per year. The reorganisation will involve three sectors of activity (retail, corporate and private) and 150 new outlets will be opened in Italy. This part of the plan will be implemented by the end of 2004. The plan also includes a general downsizing of foreign operations: offices abroad will be either closed or downsized. Non strategic assets will be sold, as well as stakes in foreign banks.



Eurofound (2003), Banca Monte dei Paschi di Siena, Internal restructuring in Italy, factsheet number 60179, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60179.