Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65 - Insurance, reinsurance and pension funding, except compulsory social security

900 jobs
Number of planned job losses
Job loss
150 jobs
Number of planned job creations
Job creation
Announcement Date
22 January 2013
Employment effect (start)
30 April 2013
Foreseen end date
30 April 2015


Italian bank Unipol is to cut 2,200 jobs out of 8,100 in Italy.The job cuts result from the merger between Unipol and the Fondiaria-Sai group.

According to the trade unions, around 1,100 jobs concern the sale of Milano Assicurazione, a business branch operating in the insurance sector and currently belonging to the group. The unions have expressed their intention to negotiate with the management in order to reduce the number of redundancies.

Updated 16/01/2015: The dismissal plan was completed by agreeing 900 redundancies. In fact, an agreement was reached in January 2014 to offer incentives for voluntary redundancy to 900 employees.  In October 2014, the parties met to verify the current number of workers having accepted to leave the company by means of the voluntary redundancy scheme and found that only 579 dismissals were achieved. In order to reach the initial expected number of redundancies, on 29 December 2014, the company signed an agreement with the main trade unions entailing the retirements of 321 workers. The agreement was then approved by the 71% of the employees.

Sixty employees already hold the pension requirements and the other 260 workers, who will be eligible for retirement over the next years, will be able to take early retirement and receive income support provided by the company by means of the sectoral paritarian fund (Fondo Intersettoriale di Solidarietà).

Unipol-SAI, the company resulting from the merge between Unipol and Fondiaria-Sai group) announced also the hiring of 150 young workers with open-ended contracts by the end of the year.


  • 23 January 2013: La Repubblica
  • 31 December 2012: Il Sole 24 Ore
  • 16 January 2015: La Presse


Eurofound (2013), Unipol, Merger/Acquisition in Italy, factsheet number 74826, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74826.