The leaders of the Banco Popolare and unions have signed an agreement on 470 redundancies and 640 demotions relating to the reorganization of the network and the planned exits for 2014 from the 2010-2015 business plan. Once the agreement was signed, the Veronese institute immediately met the board of directors to be able to account for the one-off charges related to employee outgoings in the 2013 financial statements.
In detail, the redundancy fund will be activated for around 410 workers, while another 50 will be encouraged to retire directly. The Banco will then proceed with 110 hirings, while for another 120 exits, the turnover will be blocked: the net balance is therefore 470 redundancies.
Of these, 250 derive from the reorganization of the network according to the hub & spoke model, while 220 are the remainder of the 2010-2015 business plan. The company has also already identified 330 redundancies as the quota of exits foreseen for 2015, which however was eliminated from the agreements at the request of the unions and will be dealt with in a subsequent procedure.
The reorganization of the network also resulted in 640 demotions: of these, some have already been solved with the assignment of equivalent tasks, while economic allowances have been identified for about 250 people: the bank will therefore have 18 months to find a job solution, once the which would trigger a further penalty to be paid to the employee not adequately relocated.
Today, one hour after closing, Banco Popolare's share on the Stock Exchange is just above parity.
