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

400 jobs
Number of planned job losses
Job loss
Announcement Date
27 March 2018
Employment effect (start)
Foreseen end date


Banking group Credito Valtellinese (Creval) announced 400 redundancies (10% of its actual workforce) as part of its restructuring plan 'Run2 – Restart under new normality 2018/2020'. Of the 400 redundancies, some 25 jobs will be cut due to the merger with Credito SIciliano, which will enable savings in the bank's central functions. Some 275 posts will be eliminated as part of the closure of 67 branches which, together with the 27 branches closed in 2017 bring down the total number of branches to 350. Finally another 100 job cuts will result from an overhaul of the banking operations and a strengthening of online banking.

Negotiations on the restructuring plan have started on 27 February 2018. The company announced that it is willing to resort to its Solidarity Fund for 170 workers and to use mobility schemes for the affected workers.


  • : Il Sole 24 Ore
  • : Affari Italiani
  • : Finanza Report
  • : Milano Finanza


Eurofound (2018), Credito Valtellinese, Internal restructuring in Italy, factsheet number 93557, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93557.