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

164 - 244 jobs
Number of planned job losses
Job loss
90 jobs
Number of planned job creations
Job creation
Announcement Date
5 December 2014
Employment effect (start)
1 May 2015
Foreseen end date
1 May 2016


Italian bank Credito Valtellinese has announced its intention to dismiss at least 164 workers.

The group reached an agreement with trade unions envisaging a voluntary early retirement scheme. The 244 employees that reach the retirement age by the end of 2019 can access income support instruments provided by the company by means of the sectoral paritarian fund. Credito Valtellinese will pay an incentive worth 25% of the gross annual wage to redundant workers reaching retirement age by 30 April 2015. Other eligible employees can leave the company receiving  a monthly benefit until they reach the retirement requirements and an incentive worth 25, 35% or 100% of the gross annual wage depending on how long they have to wait before accessing pension entitlements.

The first 150 dismissals will begin on 1 May 2015. Other redundancies will be carried out on 1 May 2016. In case the minimum target of 164 voluntary dismissals is not reached, the company will proceed with layoffs according to the statutory rules concerning collective dismissals and without providing any benefit.

Credito Valtellinese also announced its intention to hire 60 workers whose fixed term contract expired on a permanent basis. Additionally, 30 workers will be hired as soon as the early retirement scheme is fully implemented.


  • 5 December 2015: Il Sole 24 Ore


Eurofound (2014), Credito Valtellinese, Internal restructuring in Italy, factsheet number 78240, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78240.