On 29 September Italy’s Intesa Sanpaolo (ISP) bank, which is in the process of integrating UBI Banca following its successful hostile takeover that was finalized in August, signed an agreement that will enable it to both effectively manage the social consequences of the merger and promote generational renewal. This agreement, like that which UniCredit concluded in April by (c.f. article No. 11813), meets the trade unions demands for a minimum of one new hire for every two departures. This newly combined ISP UBI banking group now has about 110,000 employees.
“The agreement to start integrating UBI Banca group into the Intesa Sanpaolo group,” signed with the unions FABI, First-Cisl, Fisac-Cgil, Uilca and Unisin, provides for 5,000 voluntary departures by 31 December 2023, from within both banking groups’ current profiles. Alongside these departures 2,500 people will be hired on permanent employment contracts, particularly in the banking network and in the more vulnerable and disadvantaged areas of the country.
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