The biggest bank in Italy plans up to 3,000 voluntary early staff exits, unions say; around 5,400 voluntary exits since 2022

Intesa Sanpaolo is planning to offer to up to 3,000 of its workers the option to retire early, union sources said on Thursday, after a meeting where they discussed the incentive scheme with representatives from Italy’s biggest bank, according to Reuters.

The proposal would allow bank employees that qualify for pension by the end of 2028 to retire early, with the first exits envisaged from the end of this year, the sources said.

Banks in Italy traditionally lay off their employees on a voluntary basis through a costly scheme that allows workers to retire early and still receive most of their salary until they qualify for a state pension.

According to the 2024 Half-Yearly Results, 839 branches were closed since Q4 2021, in light of the launch of the new Digital Bank; around 5,400 voluntary exits since 2022.

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The Intesa Sanpaolo Group is one of the top banking groups in Europe (68.8 billion euro of market capitalisation(1) ), with a significant ESG commitment, a world-class position in Social Impact and strong focus on climate.

Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate, and wealth management). The Group offers its services to 13.6 million customers through a network of over 3,300 branches well distributed throughout the country with market shares no lower than 12% in most Italian regions.

Intesa Sanpaolo has a strategic international presence, with over 900 branches and 7.4 million customers, comprising subsidiaries operating in commercial banking in 12 countries in Central Eastern Europe and Middle Eastern and North African areas and an international network of specialists in support of corporate customers across 25 countries, in particular in the Middle East and North Africa and in those areas where Italian companies are most active.

(1) As at 30 August 2024