Nord Ovest; Piemonte;
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

2,800 jobs
Number of planned job losses
Job loss
Announcement Date
30 November 2006
Employment effect (start)
30 December 2006
Foreseen end date


San Paolo-Imi is a leading Italian financial services provider. It has around 43,000 employees serving approximately 7 million customers, through a network of almost 3,200 branches spread throughout Italy.

At the end of November, the Board of directors and the extraordinary shareholders’ meetings of San Paolo bank and Banca Intesa - the largest banking group in Italy and one of the largest in Europe - approved the merger of San Paolo and Banca Intesa. The new banking group will be the market leader in Italy with an average market share of approximately 20% in all banking business areas and a network of approximately 5,500 branches.

The merger envisages complex reorganisation processes for both institutions. The reorganisation plans – which have not been made official yet – should also include the loss of several jobs in the San Paolo-Imi group and Banca Intesa respectively.

On 30 November 2006, the Banca Intesa and the San Paolo-Imi banking group reached an agreement with the trade unions in order to improve efficiency in connection with the merger between the two credit institutions. The agreement envisages the loss of 5,200 jobs: 2,400 in Banca Intesa and 2,800 in Sanpaolo Imi group.

With regard to the San Paolo-Imi banking group, in order to promote early retirement on a voluntary basis, the agreement regards that the workers who meet all the requirements to qualify for a pension within 60 months will be eligible for benefiting of the “solidarity fund”. This fund was created in 1998 by the social partners and has introduced a sort of special Wages Guarantee Fund in the banking sector. In general, the fund allows to finance income-support measures for those workers who, in the event of a crisis situation in a bank, have to attend retraining programmes; or who have been laid off; or who have been declared redundant.

Moreover, the agreement provides that the company will recruit one worker with apprenticeship contract for each two workers who will be dismissed.

According to the trade unions, the new reorganisation plan of San Paolo-Imi banking group – which has not been made official yet – could envisage measures in order to cut the labour costs further.


  • 11 November 2006: La Stampa
  • 1 December 2006: Il Sole 24 Ore
  • 15 November 2006: Il Sole 24 Ore
  • 29 November 2006: La Stampa


Eurofound (2006), San Paolo, Merger/Acquisition in Italy, factsheet number 64473, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64473.