Monte dei Paschi

Type
Internal restructuring
Country
Italy
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
4,600 jobs
Number of planned job losses
Job loss
Announcement Date
27 June 2012
Employment effect (start)
31 July 2012
Foreseen end date
31 July 2015

Description

Monte dei Paschi, one of the oldest financial institutions in the world founded in 1472, announced the closure of 400 branches and 4,600 job cuts. This is part of the bank's 2012 - 2015 reorganization plan.

The bank will provide economic benefits for voluntary dismissals. Monte dei Paschi has around 30,000 employees.

Sources

Citation

Eurofound (2012), Monte dei Paschi, Internal restructuring in Italy, factsheet number 73805, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73805.