On 29 January 2018, Italy’s Banking Association L’Associazione Bancaria Italiana (ABI) together with the trade unions, FABI, First-Cisl, Fisac-Cgil, UGL Credito, Uilca, and Unità Sindacale Falcri Silicea Sinfub signed an agreement on the sector’s employment fund, the Fondo per l’Occupazione (FOC), which will broaden the fund’s functions, and create synergies with the Solidarity Fund that for several years has been funding early retirees and unemployment compensation in the sector. This agreement is to especially facilitate employment for the jobless, professional requalification, and youth employment.
For several years Italy’s banks have been weathering a serious crisis as digitalization, which has transformed customer relationships as well as job profiles, has triggered the closure of many bank branches. The situation is further exacerbated by difficult banking conditions including the heavy burden of non-performing loans and questionable management practices employed by the country’s banking institutions. Although the banking sector has lost approximately 30,000 jobs in less than 15 year
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