February 10, 2020 / 12:53 PM / 11 days ago

UniCredit kicks off talks with unions, to cut 6,000 jobs in Italy

MILAN, Feb 10 (Reuters) - Italy’s biggest bank UniCredit on Monday kicked off talks with unions over layoffs and branch closures in the country, confirming it planned to cut a total of 6,000 jobs in its home turf under by the end of 2023.

In unveiling a new plan to 2023 in early December, UniCredit had said it would cut 8,000 jobs and close 500 branches in total. Unions said at the time they expected 5,500 layoffs in Italy and up to 450 branch closures.

In a letter to unions dated Feb. 10 seen by Reuters, UniCredit confirmed the 5,500 cuts under the new plan, plus another 500 which it still has to carry out under its previous plan.

It also confirmed the 450 branch closures.

UniCredit declined to comment. (Reporting by Gianluca Semeraro, editing by Valentina Za)

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