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Intesa Sees $800 Million of Savings After Job Reductions

Intesa Sanpaolo SpA Considers Merger With Assicurazioni Generali SpA
Photographer: Alessia Pierdomenico/Bloomberg
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Intesa Sanpaolo SpA said it expects to cut annual expenses by about 675 million euros ($800 million) starting in 2021 through job reductions that follow its acquisition of two failed banks from the Veneto region.

The bank has reached an agreement with trade unions to accept all of the approximately 7,500 offers for voluntary redundancy by June 2020, the Milan-based lender said in a statement Thursday. The requests exceed the planned workforce reduction by 3,500 units and will bring the total departures to 9,000, or 9 percent of the bank’s staff.