PUNCH
Italy’s leading bank, Intesa Sanpaolo, has reached a deal with trade unions for 9,000 voluntary job cuts — around 10 per cent of its workforce — due to the expansion of artificial intelligence (AI) and digitalisation.
At the same time, the bank plans to hire by mid-2028 some 3,500 young new employees to work in wealth management, it said in a statement late on Wednesday.
The plan “aims at enabling generational change at no social cost” and the “further strengthening of future sustainability of the Group’s results… with a resilient business model in the digitalisation and artificial intelligence scenario”, Intesa Sanpaolo said.
The changes should lead to 500 million euros ($540 million) of savings annually on staff costs from 2028.
