Italian bank UniCredit has reached an agreement with unions for 1,200 new voluntary exits by the end of 2024.
The voluntary job cuts will be offset by hiring 725 people in the three years between 2022 and 2024.
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The latest voluntary exits will be carried out through early retirement schemes funded by the lender.
The trade union agreement with the delegations of FABI, FIRST CISL, FISAC/CGIL, UILCA and UNISIN comes after UniCredit credit announced its plan for 2022-2024 in December 2021.
At the time, the lender said it plans to hire 3,600 employees throughout the plan, without disclosing the job cuts.
After the plan was announced, the unions said that the bank plans to axe 950 full-time positions in the country that will be offset by new hires.
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By GlobalDataUniCredit CEO Andrea Orcel said: “Today’s agreement is a reflection of the approach we have taken in these negotiations and the positive result that it has had for our employees.
“It is a milestone that will allow us to further strengthen our relationships with our territories in a socially responsible way and encourage an important generational change, in line with the planned digital investment and the objectives to relaunch the group set out in the UniCredit Unlocked plan.”
Additionally, the lender plans to offer 1,000 apprenticeships that will be made permanent over time.
UniCredit and the unions have also agreed upon the creation of a new academy in Italy, which will become the hub for training and development.
