Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

UniCredit to use 300 million euro charges for voluntary staff exits-sources

UniCredit to use 300 million euro charges for voluntary staff exits-sources

MILAN (Reuters) – UniCredit will use restructuring charges it is set to book this year to fund voluntary exits after receiving some 1,900 requests from staff late last year of which it met less than half, two people close to the matter said.

In reporting stronger-than-expected quarterly results, UniCredit on Wednesday raised its profit goal for the year above 6.5 billion euros ($7.2 billion) and said the figure included 300 million euros in restructuring charges it would book mostly in the second quarter.

It did not provide further details.

The bank plans to use the money to cut further costs by axing jobs in central offices and hiring instead young people to strengthen its commercial franchise and boost its digital capabilities, the sources said.

UniCredit late last year invited staff to come forward who wanted to retire early and were within five years from qualifying for a pension, the two sources said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking and Finance Review, Alpha House, Greater London, SE1 1LB, https://www.globalbankingandfinance.com/. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

It had envisaged cutting some 800 jobs, a figure which it then raised to 925, but it was unable to meet another 1,000 requests from employees ready to leave, one source said.

In Italy banks lay off staff through a voluntary scheme funded by individual lenders which allows employees to retire early and receive up to 80% of their salary until they qualify for a pension paid by the state. ($1 = 0.9054 euros)

 

(Reporting by Valentina Za)

 

Recent Post: