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

300 - 350 jobs
Number of planned job losses
Job loss
Announcement Date
21 December 2016
Employment effect (start)
Foreseen end date
31 December 2017


Nuova Cassa di Risparmio di Ferrara (Carife) disclosed its intention to lay-off 400 employees out of 847.

The bank was founded as a ‘bridge bank’ in November 2015 in order to rescue the bankrupt Cassa di Risparmio di Ferrara after troubles due to mismanagement. In line with the rescue plan, the new management is seeking for new investors, and is intended to implement a severe restructuring process in order to ease the sale by cutting the bank’s operating costs.  

According to the sources, the cuts are expected to address mainly the headquarters but will involve also branches.

Unions are taking part in meetings with the management and aim at reducing the number of dismissals and at safeguarding redundant workers.

Update, 31 December 2016: The management and unions agreed exits to be implemented only on a voluntary basis. Over the next weeks the employees will be asked to apply for incentivised early retirements or voluntary dismissals. The target is to reach between 300 and 350 applications.


  • 22 December 2016: La Nuova Ferrara
  • 22 December 2016: Il Sole 24 Ore
  • 23 December 2016: Il Resto del Carlino
  • 31 December 2016: Ansa


Eurofound (2016), Nuova Cassa di Risparmio di Ferrara, Internal restructuring in Italy, factsheet number 89756, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89756.