February 13, 2013 / 9:01 PM / in 5 years

Italy's UBI bank agrees to cut 736 jobs

MILAN (Reuters) - Italy’s fifth-biggest lender, UBI Banca (UBI.MI), said it would cut 736 jobs after finalising a cost-cutting agreement with trades unions on Wednesday.

An initial agreement reached in November had been for 650 jobs to go but the number has been increased after more workers applied for a voluntary redundancy scheme, the bank said.

UBI, based in the northern Italian town of Bergamo, said the cuts would result in a charge of 141 million euros to be booked against the final quarter of 2012.

Annual cost savings from cutting jobs and reducing hours for other workers are expected to total 107 million euros.

Writing by Keith Weir; Editing by James Dalgleish

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