December 22, 2016 / 12:42 PM / 2 years ago

BNP Paribas to cut 4 percent of retail banking staff in Italy over 2017-2020: unions

A BNP Paribas Bank logo is pictured outside its offices in Singapore's central business district January 7, 2016. REUTERS/Edgar Su

ROME (Reuters) - BNP Paribas has reached an agreement with Italian unions to cut 573 retail banking jobs in net terms as part of a 2017-2020 strategic plan to be announced next year.

The agreement will cut 853 jobs, of which 100 would come from layoffs and 683 as part of a voluntary redundancy program, a joint statement from BNL unions showed on Thursday.

BNP also plans 280 recruitments.

Banca Nazionale del Lavoro (BNL), the Italian unit of BNP Paribas, and another unit, BPI (Business Partner Italia), which are at the center of the plan, employ around 13,190 staff overall.

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