On 04 February, one of Italy's two major banking groups, UniCredit concluded an agreement with the union organizations to manage some expected 3,900 job losses throughout Italy, as part of the bank's strategic 'Transform 2019' plan. UniCredit has also committed to hiring young workers and has agreed on measures to re-motivate its staff. The bank announced 'positive and socially responsible agreement in all the countries concerned' over headcount reductions, including in Austria and Germany.
Following tense negotiations, Italian trade unions secured a job losses deal whereby no redundancies will occur and jobs will only be lost within the framework of voluntary early-retirement departures via the sector’s Solidarity Fund mechanism (which compensates workers up to workers’ legal retirement age).
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