Intesa Sanpaolo SpA To Cut 1,000 Branches In Italy-Reuters

Reuters reported that Intesa Sanpaolo SpA plans to merge or close nearly a fifth of its Italian branches to cut costs. Intesa management confirmed at a meeting with labour groups that it planned to cut 1,000 branches, double the 400 to 500 branches expected to be eliminated or merged in the bank's 2011-2013 business plan. That plan said the bank would cut its Italian network to 5,100 to 5,200 branches by 2013 from 5,500 in 2010.