Unicredit SpA, Starts Negotiations on Trade Union-Bank Redundancies

UnicreditToday, negotiations started between the Unicredit unions and the business delegation on redundancies due to Unicredit’s reorganization plan. Due to pressures from major Italian shareholders who want the bank to invest more in Italy, there is a push for a reorganization of the bank and a renewed investment strategy. The union sources indicated that various unions were involved and the meeting lasted until late at night.

The negotiations have focused on redundancies of too many workers at various jobs. The business delegation is encouraging early retirement (workers required only 36 years of service instead of 40) with a goal of 3,000 layoffs in 2013. It would also ensure the recruitment, by the same date, of 2,000 independently contracted workers. Among the assumptions would also be employees of the former group Delta.

Last week, after an extensive series of meetings,  unions and the bank  had expressed confidence of being able to close a satisfactory agreement perhaps even  this week. However, there will be the executive reorganization with the Bank by November 1.

Meanwhile, no one has been summoned to the Board to endorse a new managerial structure. Notice must be given 24 hours in advance of a board meeting. There are various possibilities, including the possibility of a single director-general or two directors, possibly assisted by a chief operating officer (COO).

In position for the head office is Roberto Nicastro, the current deputy chief executive responsible for the retail sector. The decision will be determined by  president, Dieter Rampl, the CEO, Federico Ghizzoni, and some members including Vice President, Fabrizio Palenzona.

The others are Deputy CEO Paolo Fiorentino (global banking) and Sergio Ermotti (corporate & investment banking).
These will be held in the coming hours, perhaps as early as tonight. The members of the Scala Foundation will advance the candidacy of Nicastro. This will enable managers to ensure continuity in the management on one hand and one the other hand a strong institution at local level, the key strategy of the Northern League institution

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