The agreement between Banca Etruria and the trade unions will have a negative impact on the institute's 2014 budget for a sum between 45 and 55 million euros, depending on the effective participation of employees in the early retirement plan. The Bank made it known today, recalling that the agreement in question concerns a cost-cutting plan that will lead to the exit of 210 employees in four years. An impact on the common equity tier 1 (Cet 1) ratio is also expected.
The institute then underlines that “the positive medium-term structural effects of the aforementioned agreement will be realized on a progressively increasing basis” and when fully operational, the estimated saving on total personnel costs can be quantified at around 32 million a year.
Among other things, the union agreement provides for the reduction of 410 full-time positions, the closure of 30 branches and the adjustment of the opening hours of other branches.
Meanwhile, today in the middle of the morning, Banca Etruria's stock on the Stock Exchange dropped 1,31%, a 0,602 euro.
