Italy: Unicredit and unions sign agreement on industrial program and bonus

The signing unions (Dircredito, Fabi, Fiba-Cisl, Fisac-CGIL, Sinfub, Ugl-Credito and Uilca) said that the agreement signed with Unicredit on September 15, after four days and one night’s “tight” negotiations, was “good.”  This agreement completes the procedure for the 2015 strategic plan the group presented in November.  One of the four pillars is the recovery of the Italian activity, in line with the action program of October 18, 2010 (see our dispatch No.  100747).  Yet, with the crisis, a “drop in profit of nearly 75 percent between 2007 and now” and the 2011 pension reform, the group says that the cost cutting objectives planned in this agreement were not achieved.  Consequently, the strategic plan provides for 800 job cuts until 2015 for a total restructuring amounting to €866m – the equivalent of cutting 3,500 full-time jobs.  Besides, to encourage insourcing (enforcing the industry national collective agreement, see our dispatch No.  120046) to support employment and keep saving in the future, the plan wants to manage regional and professional mobility.  Therefore, the signing parties agreed to exceptional measures for the duration of this plan.  Quarterly meetings will be held at group level to follow up on implementation.  At local level, there will be meetings to monitor the impact of this implementation.