Italy - Banks envisage massive lay-offs - October 31, 2016

The trade unions were invited to be informed about a new business plan at Banca Monte dei Paschi di Siena. The plan envisages 1,600 layoffs until 2019, on top of another 1,400 previously announced. A union representative told this to the press as he was entering the premises where the bank's board was discussing the new business plan. He also said the new plan would include 300 new hires. The bank plans to lay off a tenth of its staff, shut branches and sell assets to win investor backing for a €5-billion cash call. Another bank, the Banca Popolare di Vicenza, announced cuts between 1300 and 1500 jobs. The bank said that it wanted to convince the trade unions of the necessity of these redundancies. 

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For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) or the communications officer at the ETUI, Willy De Backer For previous issues of the Collective bargaining newsletter please visit Since June 2013 readers can consult our archive and search through all articles in our database at www.cbnarchive.euYou may find further information on the ETUI at, and on the AIAS at

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