December 23, 2016 / 3:11 PM / a year ago

BPM-Banco sign deal with unions over merger's job cuts

MILAN (Reuters) - Banca Popolare di Milano (BPM) PMII.MI and Banco Popolare BAPO.MI signed on Friday an accord with trade unions over job cuts planned as part of the merger plan to create Italy’s third-largest bank, the First CISL union said.

A woman walks in front of the Banca Popolare di Milano (BPM) bank in downtown Milan, Italy, January 29, 2016. REUTERS/Alessandro Garofalo/File Photo

The two banks will cut 2,100 jobs thanks to early retirements but will hire 400 people or make their positions permanent.

Separately on Friday, BPM and Banco Popolare said they strongly disagreed with Fitch Ratings’ decision to cut their long-term ratings and considered the agency’s opinions “detrimental” to their own interests.

Reporting by Valentina Za; editing by Francesca Landini

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