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Report: BNP Paribas reaches deal with unions over Italian job cuts

France's BNP Paribas SA will cut a net 573 Italian retail banking jobs as part of a strategic plan to be unveiled in 2017, Reuters reported Dec. 22, citing a statement from unions.

The plan covers Banca Nazionale del Lavoro SpA and Business Partner Italia, which have a combined headcount of about 13,190, Reuters noted. One hundred of a total of 853 job cuts between 2017 and 2020 will come from layoffs, with a further 683 from a voluntary redundancy program.

The bank will also add 280 new posts. It was reported in October to be looking to close 100 Italian branches, in addition to cutting jobs.