The bank’s decision follows a deal signed with unions to fund an early retirement scheme for 4,000 employees. Credit: MikeDotta/Shutterstock.

Italian banking group Intesa Sanpaolo has announced plans to cut 9,000 jobs by 2027 to reduce costs and accelerate its AI and digital transformation.

The move forms part of the bank’s strategy to strengthen its business model in the digitalisation and artificial intelligence (AI) scenario.

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This initiative will occur without social costs, with 7,000 exits planned in Italy and 2,000 across international subsidiaries.

The decision, which is expected to save €500m ($539m) in staff costs starting from 2028, follows a deal signed with unions to fund an early retirement scheme for 4,000 employees.

Intesa Sanpaolo has signed the agreement with several trade unions including Group Trade Union Delegations FABI, FIRST CISL, FISAC/CGIL, UILCA and UNISIN.

The agreement aims to facilitate this generational shift through substantial investments in technology.

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It outlines a path towards simpler and more effective service models for customers, alongside a comprehensive upskilling and reskilling programme for employees to meet the demand for digital expertise and new professional roles.

The plan includes a voluntary exit offer for all employees of Intesa Sanpaolo’s Italian companies, including managers.

Those meeting pension requirements by 31 December 2030 may apply, with priority given to individuals with certain disabilities or those caring for disabled family members.

The bank also aims to hire 3,500 young people on indefinite-term contracts by June 2028, enhancing customer proximity in Wealth Management & Protection.

By 2027, an additional 3,000 exits are anticipated in Italy, with 2,000 net exits in international subsidiaries, primarily affecting central functions and not commercial roles, Intesa Sanpaolo said.

The bank anticipates a one-time charge of approximately €350m, net of tax, to be recorded in the fourth quarter of 2024.