Italy’s UBI to cut 1,500 jobs as MPS staff go on strike

Italy’s bank UBI Banca has become one of the latest eurozone companies to announce a restructuring plan to achieve a more efficient business model.

The bank is understood to cut 1,500 jobs, and to shrink the current network of 100 branches in order to save €115m annual costs.

UBI plans to sell or close 44 offices of its network of 1,800 branches, and to downsize another 78. Job cuts represent 8% of UBI’s total work force.

Banca Monte dei Paschi di Siena, UniCredit and Intesa announced similar cost reduction plans last month.

Monte dei Paschi di Siena bank employees announced a strike for tomorrow to protest against the recent industrial plan. The strike follows similar protests over previous months.