Intesa Sanpaolo to cut extra 1000 branches across Italy

Italy’s Intesa Sanpaolo is planning to make around 1000 redundancies and to cut a fifth of its Italian branches to reduce costs, according to trade unions.

Union sources said the bank is planning to cut about 1000 branches by 2013, which will be either merged or closed.

This represents a much stronger cost-cutting plan than the one included in the bank’s 2011-2013 business plan.

In November 2011, Intesa had announced 5000 job cuts to be implemented by 2013.

Meanwhile, at the end of last week Banca Monte Paschi di Siena confirmed it will close 400 branches across the territory but it will not make any personnel cuts.

In 2015, when the group will complete the restructuring process, MPS will lose 4600 employees, with relevant cost-saving consequences.

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