Intesa Sanpaolo reached an agreement with the unions on Wednesday night on 9.000 redundancies and 1.500 hires by 2020. These are voluntary exits which will entail estimated costs of 45 million and savings of 675 million from 2021.
“We have reached a major agreement in a manner fully shared with all trade union organisations. This is thanks to the quality of the people of our Bank and the representatives of the Trade Union Organizations who successfully concluded the negotiation". As the CEO of Intesa Sanpaolo, Carlo Messina, comments on the union agreement announced during the night. “The fact that all planned departures, including those of personnel coming from the former Venetian banks, are voluntary – adds Messina – represents one of the significant aspects that qualifies this agreement. The other is represented by the program aimed at young people and aimed at 1.500 hires, with the aim of giving great attention to new professions and the most disadvantaged areas of the country”. “What has been achieved today – concludes Messina – is a very important step in view of the Industrial Plan which will be presented at the beginning of the new year”.
The agreement reached with the trade union organizations following the agreements already focused on the acquisition of the business units of the former Venetian Banks (Banca Popolare di Vicenza and Veneto Banca). The agreement provides for 9.000 voluntary departures between now and 2020 with the acceptance of all requests for voluntary departures received, presented by around 7.500 people as part of the Solidarity Fund. Against the departures there will be 1.500 new hires, of which 1.000 on permanent contracts and 500 on mixed contracts.
Of the 9.000 voluntary exits agreed, 1.500 come from the Intesa Sanpaolo Group and have already accrued the pension requirements, by 31 December 2018; 1.000 are instead linked to the former Venetian banks and 3.000 to the Intesa Sanpaolo Group as part of the Solidarity Fund, by 30 June 2019, pursuant to the contract for the acquisition of the business units of Banca Popolare di Vicenza and Veneto Banca signed on 26 June 2017; 3.500 concern the Intesa Sanpaolo Group as part of the Solidarity Fund, by 30 June 2020.
"The deferment of exits until 30 June 2020 - adds the note from the banking group - and the reduction of the average stay in the Solidarity Fund make it possible to optimize the charges for voluntary exits expected to be borne by the Intesa Sanpaolo Group to be accounted for in the fourth quarter of 2017, which amount to around 45 million euro after tax"
The new hires add to the 150 already agreed with the trade unions on 1 February 2017 and the approximately 100 permanent hires aimed at fixed-term contracts in the business units of the former Venetian Banks as at 25 June 2017.
With the agreement, as mentioned, Intesa provides "savings in personnel expenses when fully operational (from 2021) totaling approximately 675 million euros per year".
