Italy: generational renewal efforts more intense than expected at Intesa Sanpaolo, which announces 1,000 additional young hires

On 14 January 2021, Intesa Sanpaolo, which is currently integrating its recent takeover target, UBI Banca, announced it will hire 3,500 young people by the first half of 2024, i.e. 1,000 more than the union agreement signed in the autumn of 2020 (c.f. article No. 12162). Intesa decided to accept 7,200 applications for voluntary departures, some 2,200 more than the 5,000 provided for in the agreement. The FABI, First-Cisl, Fisac-Cgil, Uilca and Unisin trade unions called for and secured one of the toughest issues at stake in the banking sector, namely the principle of one new hire for every two departures. According to Intesa Sanpaolo CEO Carlo Messina, the bank “is giving fresh impetus to generational renewal and support for employment. Intesa Sanpaolo continues to invest in young people”. The trade unions expressed their satisfaction, with Riccardo Colombani, General Secretary of First-Cisl, speaking of “social industrial relations characterized by mutual respect and listening.” The unions are calling for priority be given to employment in the banking network and in disadvantaged areas of the country, and for the selection process for young people to start as soon as possible to support subsidiaries in difficulty due to the high number of departures. “Working conditions are already no longer sustainable across the network, and despite the workers’ efforts, no longer allow the provision of adequate customer service,” commented the Fisac-Cgil, which noted that the negative balance between those leaving (departures) and those recruited (hirings) comes to 3,700, compared with the 2,500 balance provided for in the agreement.