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BPM-Banco sign deal with unions over merger's job cuts
December 23, 2016 / 2:53 PM / a year ago

BPM-Banco sign deal with unions over merger's job cuts

MILAN, Dec 23 (Reuters) - Banca Popolare di Milano (BPM) and Banco Popolare signed on Friday an accord with trade unions over job cuts planned as part of the merger plan to create Italy’s third-largest bank, the First CISL union said.

The two banks will cut 2,100 jobs thanks to early retirements but will hire 400 people or make their positions permanent.

Separately on Friday, BPM and Banco Popolare said they strongly disagreed with Fitch Ratings’ decision to cut their long-term ratings and considered the agency’s opinions “detrimental” to their own interests. (Reporting by Valentina Za; editing by Francesca Landini)

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