On August 7, 2014 Banca Monte dei Paschi di Siena SpA and the unions: Dircredito, Fabi, Fiba, Fisac, Sinfub, Ugl credito and Uilca, signed a double agreement for the 2013-2017 restructuring plan. One element concerns the management of the 1334 “surplus” workers that will initially be financed by the Solidarity Fund relevant to the financial sector and the banking group. The second concerns industrial relations that provides for a permanent dialogue with the union body during the rollout of the plan in order to minimize effects on employees. This agreement also heralds a return to a single union body, which it is hoped will impact negotiations on the sector’s collective agreement.
Managing “excesses”. As part of the 2013-2017 restructuring plan, in July 2014 the Banca Monte dei Paschi di Siena SpA group initiated the procedure for managing 1334 additional “surplus” workers. In order to consolidate its financial situation the group’s 2013-2017 plan guidelines agreed upon by the Ministry of Economy and Finance and the European Commission require an additional headcount reduction of 3,400 on top of the 4,600 staff cuts from the previous plan amounting to 8,000 out of a tota
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