Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

450 jobs
Number of planned job losses
Job loss
250 jobs
Number of planned job creations
Job creation
Announcement Date
11 May 2017
Employment effect (start)
1 September 2017
Foreseen end date
31 December 2018


Italian banking group Ubi Banca announced about 1,000 job cuts to be implemented by 2020.

The group has just acquired three bridge banks at a symbolic price (€1). These were established in 2015 following the bankruptcy of Banca Popolare dell’Etruria e del Lazio (see BPELIT-2015), Cassa di Risparmio di Chieti and Banca Marche.

These banks are now to undergo a restructuring process, entailing the closure of 140 branches, mostly located in central Italy, the reduction of administrative costs and significant headcount reductions affecting 1,569 of the 4,900 employed. Yet, the management announced that more than 500 workers employed at the bridge banks in 2016 are quitting their job as per recent agreements, leading to net 1,000 exits yet to be implemented (out of a total workforce of about 4,300).

Negotiations with unions will start soon. Unions hope exits will be made by means of early retirements or incentivised voluntary dismissals. Also the management declared the intention to avoid direct dismissals.

The forthcoming exits add up to those planned by Ubi Banca as of June 2016 (see Ubi BancaIT-2016).

Update, 26/07/2017: Ubi Banca and the unions agreed 700 incentivised voluntary dismissals to be implemented by March 2018. The bank will also hire 250 new young workers by 2018.


  • 11 May 2017: Giornale di Brescia
  • 11 May 2017: La Repubblica
  • 11 May 2017: Il Fatto Quotidiano
  • 12 May 2017: La Stampa


Eurofound (2017), Ubi Banca, Merger/Acquisition in Italy, factsheet number 91507, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91507.