On 08 March Unicredit together with the unions signed an agreement on managing ‘surplus’ executive staff. This is the first of its kind agreement in the sector addressing executive staff departures. The agreement provides for several different measures as alternatives to collective lay-offs ranging from age-related voluntary departures to subsequent re-hiring albeit at a lower grade and pay scale. In another departure, all executives in Unicredit will partially finance a solidarity measure aimed at lessening the social impact of restructuring.
On 08 March in Rome, an agreement was signed between the Unicredit financial group and the unions (Fabi, First-Cisl, Fisac-Cgil, Sinfub, Uilca, Ugl credito, and Unisin) clearing the way for collective negotiation on how to manage the sector’s ‘surplus’ executive staff, which has until now been managed by separate individual agreements. This agreement closes out negotiations concerning nearly 5,700 ‘surplus’ executives within the 2018 industrial plan that was revised in November 2015, and which intends for a 33% reduction in the group’s management staff by 2018 (470 executives).
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