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

3,000 - 4,100 jobs
Number of planned job losses
Job loss
1,000 jobs
Number of planned job creations
Job creation
Announcement Date
18 October 2010
Employment effect (start)
1 January 2011
Foreseen end date
1 January 2013


Unicredit, one of the main banks in Europe, is to cut 4,100 jobs in Italy in the period 2011-2013. The banking group has announced the 2011-2013 business plan, which envisages relevant reductions in business costs, including labour costs. The trade unions opposed the company's decisionĀ and called forĀ a meeting with the management to find alternative measures to the job cuts.

On 18 October 2010, Unicredit and the trade unions reached an agreement on the collective dismissals. The agreement envisages 3,000 job-cuts (and not 4,100 as previously announced) by the end of 2013. The job-cuts will mainly affect workers who will reach the requirements for the retirement in the next three years. For these workers, the agreement provides for economic incentives for voluntary resignations. Moreover, the agreement envisages that, in the next year, Unicredit will "stabilise" all the workers with apprenticeship contracts (1,077), transforming the apprenticeship contracts in open-ended contracts. In addition, the group will create 1,000 new jobs by the end of 2013.

Unicredit has around 165,000 worldwide and around 56,100 in Italy.


  • 19 October 2010: Il Sole 24 Ore
  • 5 August 2010: La Repubblica


Eurofound (2010), Unicredit, Internal restructuring in Italy, factsheet number 70786, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70786.