October 12, 2016 / 9:52 AM / a year ago

BNL plans to close 100 branches, cut 700 jobs by 2020-union source

ROME, Oct 12 (Reuters) - Banca Nazionale del Lavoro (BNL), the Italian unit of BNP Paribas, plans to cut 700 jobs and close 100 branches under its new business plan to 2020, a union source said on Wednesday.

The source said the redundancies, which would be managed through early retirements, stemmed both from the branch closures and from reduced needs of manpower as the use of information technology was due to rise.

BNL had no immediate comment.

Details of the plan were reported earlier on Wednesday by news agency Radiocor.

Reporting by Stefano Bernabei, writing by Valentina Za

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