The bailouts of Mps and the Veneto banks turn the spotlight on bank redundancies. Many have already been decided and many more are yet to come. With the latest budget law, Parliament has allocated 648 million euros of public funds to facilitate 25 outgoings over five years (of which 174 million for this year alone and 224 million for the next).
But the bill for the banks remains high: in addition to the resources guaranteed by the public coffers, to reach the goal of 25 redundancies, credit institutions must put five billion out of their own pockets.
The exits in question, however, are not all yet to be done. On the contrary: more than half, almost 15, have already been the subject of trade union agreements. This means that the redundancies still possible are just over 10 thousand. Of these, 3.900 are absorbed by the Veneto Banca-Popolare di Vicenza pair and another 3.700 by Monte dei Paschi di Siena.
To the MPS count, however, we must also add 600 exits already agreed in previous agreements, 750 linked to the physiological turnover and 450 concentrated in foreign offices. In the end, therefore, the total of additional redundancies imposed by the bailout of the Veneto banks and Montepaschi exceeds 9.300.
As far as branches are concerned, as part of the integration into Intesa Sanpaolo, Veneto Banca and Pop Vicenza will be forced to close 612 branches out of 900. In the case of Mps, on the other hand, the business plan that accompanies the precautionary recapitalization by the State envisages the closure of 600 branches out of 2.
Going back to the redundancies of the Italian banking system as a whole, from 2000 to 2016 the credit institutions let out over 60 bankers through the Solidarity Fund and the average cost for each early retirement through the fund exceeds 200 euros.
