Italy's Pop Milano agrees job cuts with unions

MILAN Fri Dec 7, 2012 3:21am EST

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MILAN Dec 7 (Reuters) - Italian mid-tier lender Banca Popolare di Milano said on Friday it had signed an agreement with trade unions to cut an overall 700 jobs.

In a statement the bank said the job cuts will be achieved through a voluntary redundancy scheme which will cost it 180-200 million euros .

The cost will be booked in 2012 results.

Talks with the trade unions, which began last August, were aimed at achieving structural cost savings of around 70 million euros ($91 million), the bank said. ($1 = 0.7700 euros) (Reporting By Stephen Jewkes)

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