By Pietro Lombardi 
 

Intesa Sanpaolo SpA has reached an agreement with Italian unions over 5,000 voluntary exits and 2,500 new hires in coming years as part of the integration of Unione di Banche Italiane SpA.

The exits will be on voluntary basis and will consist of retirements and early retirements, Italian union Federazione Autonoma Bancari Italiani said Wednesday. They will take place between 2021 and 2023, it said.

Under the agreement, 2,500 young people will be hired by the end of 2023.

In July, Intesa Sanpaolo secured investor support to take over UBI Banca. The merger will create Italy's largest bank by assets and the eurozone's second-biggest by market capitalization.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

 

(END) Dow Jones Newswires

September 30, 2020 07:54 ET (11:54 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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