Telecom Italia plans job cuts – Reuters

Telecom Italia SpA reached an agreement with unions to slash 1,200 jobs in Italy by November through a voluntary early retirement system, Reuters reported June 7, citing two sources.

The job cuts will be part of the first round of the Italian telco's plans to reduce its head count, which amounts to about 42,500 people in Italy, according to the report.

Company CEO Pietro Labriola is reportedly aiming for about €1 billion in savings by 2024.

The development came after Telecom Italia inked a nonbinding memorandum of understanding with investment bank Cassa depositi e prestiti SpA, or CDP, to integrate its fiber-optic network with CDP's Open Fiber SpA, according to a May 30 Dow Jones Newswires report.