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The framework agreement signed on December 19 between the Monte dei Paschi di Siena group and the Fabi, Fiba-Cisl, UGL, Uilca-Uil unions (but not the Fisac-CGIL) regarding the group's industrial plan for 2012-2015 includes the plan to outsource 1,110 employees and make 1,000 retire by 2017. The agreement also reviews the normative and economic part of the company agreement in order to cut costs. The oldest bank in the world (founded in Siena in 1472) believed that it had to take "rationalization measures" on labor costs via a "significant reduction" of staffing in a period "matching official objectives" in order to keep the promises made to the government (and indirectly the EU) in return for public subsidies. (Ref. 130016)
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130016
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