Because of AI: Bank cuts 9,000 jobs

The biggest Italian bank, Intesa Sanpaolo, strokes due to advancing digitalization and the increasing use of artificial intelligence (AI) thousands of positions.

By 2027, the aim is primarily to achieve early retirement 9,000 jobs cut as the bank announced with reference to a corresponding agreement with the unions. This corresponds to around ten percent of the bank’s total staff.

Of the jobs, 7,000 will be lost in Italy and 2,000 in the foreign subsidiaries. In a second step, Intesa Sanpaolo plans to employ “3,500 young people with permanent contracts” by June 2028, who will be used in particular in asset management.

Resilient business model

The aim is to “accelerate generational change” in order to create “a resilient business model” in the context of digitalization and AI.

The bank wants to set aside 350 million euros for severance payments for the early retirement agreements. From 2028 onwards, the personnel changes, including new hires, should result in annual savings of 500 million euros.

The rival bank, the Bank Austria parent, UniCredit reached an agreement with the unions last week for 1,000 voluntary departures and 500 new hires in Italy.

A further 250 appointments are to follow as part of a later personnel renewal.

By Editor

Leave a Reply