December 3, 2019 / 9:47 AM / 7 days ago

Italy's banking unions slam UniCredit over planned job cuts

MILAN/ROME, Dec 3 (Reuters) - Italian banking unions strongly criticised the country’s largest bank, UniCredit , after it announced 8,000 additional job cuts as part of its new business plan, asking the governemnt to intervene.

The FABI labour group, the biggest banking union, said it was not even prepared to discuss the new plan unveield by Chief executive Jean Pierre Mustier on Tuesday.

Both it and the UILCA group urged the government to step in to defend jobs.

“We are ready for any initiative against this plan and we ask the government to take a strong stance”, Uilca’s head Massimo Masi said in a statement.

The bank, which has cut a fifth of its staff and shut a quarter of its branches in mature markets in recent years, said it would make a further 8,000 job cuts and close 500 branches in the plan to 2023.

Reporting by Gianluca Semeraro and Stefano Bernabei, editing by Silvia Aloisi

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