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 - 234 jobs
Number of planned job losses
Job loss
70 jobs
Number of planned job creations
Job creation
Announcement Date
8 November 2016
Employment effect (start)
1 April 2017
Foreseen end date
1 December 2018


Italian regional bank Credito Valtellinese (Creval) is to dismiss about 230 workers.

According to the 2017-2018 action plan, Creval is to reduce its operative costs and reorganise its branches. This will result in the closure of about 70 branches and 230 job cuts across 25 branches. The job losses will be implemented through early retirements to take place in 2017 and 2018. Another 100 workers will be transferred and, if necessary, retrained.

The bank, which has recently shed its cooperative status and has become a joint stock company, currently operates in 11 Italian regions with 526 branches.

For previous restructurings announced by the company see Credito ValtellineseIT-2015, CrevalIT-2012.

Update, 21 December 2016: The management and unions agreed 234 exits to be achieved by voluntary early retirements. The bank also underwrote to enter 70 open-ended contracts, for both its temporary employees and new staff.


  • 7 November 2016: Reuters
  • 8 November 2016: Credito Valtellinese - press release
  • 9 November 2016: Corriere della sera
  • 9 November 2016: La Provincia di Sondrio


Eurofound (2016), Credito Valtellinese, Internal restructuring in Italy, factsheet number 89093, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89093.