MILAN Dec 7 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)