BNP Paribas’s Italy Unit Said to Cut 680 Jobs, Close Branches

Banca Nazionale del Lavoro SpA, the Italian unit of BNP Paribas SA, plans to eliminate 680 jobs and close 100 branches by 2020 as it expands its online and mobile services, according to people with knowledge of the discussions.

The job cuts will be carried out through early retirements, said the people, who asked not to be identified because the plan, reported earlier by Les Echos, has not been made public. The Rome-based lender has started talks with unions, according to the people.

A spokeswoman for BNP Paribas declined to comment. BNL, which has about 3 million individual customers and 43,000 business and institutional clients, named Andrea Munari as chief executive officer in November.

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