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Banca Carige reaches agreement with trade unions on layoffs

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Banca Carige reaches agreement with trade unions on layoffs

Banca Carige SpA said it reached an agreement with trade unions Fabi, First Cisl, Fisac Cgil, Uilca and Unisin on how to address layoffs arising from the Italian lender's 2017-2020 business plan.

Under the agreement, Carige will tap the banking sector solidarity allowance mechanism to help pay the costs for 490 voluntary redundancies. The move, in addition to confirmed retirement incentives, will allow Carige to manage expected staff redundancies, the bank said Dec. 18.

Other labor cost-cutting measures were also agreed upon, Carige noted.