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REFILE-Banca Etruria says accord with unions to weigh on 2014 results
February 9, 2015 / 8:02 AM / 3 years ago

REFILE-Banca Etruria says accord with unions to weigh on 2014 results

(Refiles to specify savings are per year, paragraph 2)

MILAN, Feb 9 (Reuters) - Small Italian lender Banca Etruria said on Monday a deal with unions reached last week to cut staff was expected to have a negative impact of between 45 million and 55 million euros on its 2014 earnings.

The bank, which is seeking a merger with a stronger peer, said the accord would eventually lead to savings of 32 million euros per year.

Banca Etruria said on Saturday it had struck a deal with unions that would lead to the closure of 30 branches and 410 full-time equivalent positions being cut through early retirements and other measures such as fewer working days for the staff.

Reporting by Valentina Za; editing by Francesca Landini

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