Italy’s largest bank, Intesa Sanpaolo, has announced it will cut thousands of jobs over the next few years as part of a plan to move towards a digital-first business model.
The bank aims to reduce costs and enhance resilience due to increasing digital demands in the financial industry. As reported by Euronews, the job reductions will see nearly 10 per cent of the workforce phased out voluntarily by 2027.
Intesa Sanpaolo clarified that the restructuring plan includes offering early retirement and access to a solidarity fund for around 4,000 employees. Euronews reported that the expected cost savings from these measures are projected at €500 million annually starting in 2028, despite an anticipated one-time charge of €350 million in the fourth quarter of 2024.
Intesa Sanpaolo bank plans for job cuts and hires
While Intesa Sanpaolo is reducing its workforce, it also plans to bring on 3,500 new employees within commercial and advisory roles as part of its digital transition strategy. The new hires will support the bank’s focus on artificial intelligence and other digital solutions aimed at strengthening customer experiences and efficiency.
Intesa Sanpaolo’s partnership with European Investment Bank (EIB)
Intesa Sanpaolo has partnered with the European Investment Bank (EIB) to support Europe’s wind energy sector, a vital component of the EU’s green transition strategy.
EIB Vice President Gelsomina Vigliotti highlighted the importance of wind energy to Europe’s energy independence, stating, “This agreement shows how the EIB’s risk-sharing instruments help overcome these difficulties and finance key projects for the green transition and decarbonisation of the European economy, while enhancing industrial competitiveness.”
Mauro Micillo, Chief of Intesa Sanpaolo’s IMI Corporate and Investment Banking division, highlighted the collaboration’s importance for the energy transition, saying, “the development of renewable energies is one of the key objectives of the green strategies at national and European level.”
Italy is not the only European country that’s digitalising its banking – Spain has also seen a huge increase in digital banking with over five million users.
