AI and digitalisation to eliminate 9,000 jobs at Intesa Sanpaolo / Photo: © AFP/File
-
Davis Cup organisers hit back at critics of Nadal retirement ceremony
-
Noel in a 'league of his own' as he wins Gurgl slalom
-
A dip or deeper decline? Guardiola seeks response to Man City slump
-
Germany goes nuts for viral pistachio chocolate
-
EU urges immediate halt to Israel-Hezbollah war
-
Far right targets breakthrough in Romania presidential vote
-
Basel votes to stump up bucks to host Eurovision
-
Ukraine shows fragments of new Russian missile after 'Oreshnik' strike
-
IPL auction records tumble as Pant and Iyer snapped up
-
Six face trial in Paris for blackmailing Paul Pogba
-
Olympic champion An wins China crown in style
-
It's party time for Las Vegas victor Russell on 'dream weekend'
-
Former Masters champion Reed seals dominant Hong Kong Open win
-
Norris applauds 'deserved' champion Verstappen
-
Jaiswal and Kohli slam centuries as Australia stare at defeat
-
Kohli blasts century as India declare against Australia
-
Verstappen 'never thought' he'd win four world titles
-
Former Masters champion Reed wins Hong Kong Open
-
Awesome foursomes: Formula One's exclusive club of four-time world champions
-
Smylie beats 'idol' Cameron Smith to win Australian PGA Championship
-
Five key races in Max Verstappen's 2024 title season
-
Max Verstappen: Young, gifted and single-minded four-time F1 champion
-
'Star is born': From homeless to Test hero for India's Jaiswal
-
Verstappen wins fourth consecutive Formula One world title
-
Survivors, sniffing dogs join anti-mine march at Cambodia's Angkor Wat
-
Far right eye breakthrough in Romania presidential vote
-
Jaiswal slams majestic 161 but Australia fight back in Perth
-
Edinburgh's alternative tour guides show 'more real' side of city
-
IPL teams set to splash the cash at 'mega-auction' in Saudi Arabia
-
Olympics in India a 'dream' facing many hurdles
-
Wounded Bangladesh protesters receive robotic helping hand
-
Majestic Jaiswal 141 not out as India pile pain on Australia
-
Giannis, Lillard lead Bucks over Hornets as Spurs beat Warriors
-
Juan Mata agent slammed as 'cowardly' by angry A-League coach
-
Marta inspires Orlando Pride to NWSL title
-
Palestinian pottery sees revival in war-ravaged Gaza
-
Main points of the $300 billion climate deal
-
Robertson wants policy change for overseas-based All Blacks
-
Israel retreat helps rescuers heal from October 7 attack
-
Afghan women turn to entrepreneurship under Taliban
-
Mounting economic costs of India's killer smog
-
At climate talks, painstaking diplomacy and then anger
-
Uruguayans head to polls with left hoping for comeback
-
Trump's mass deportation plan could end up hurting economic growth
-
Iran director in exile says 'bittersweet' to rep Germany at Oscars
-
US consumers to bargain hunt in annual 'Black Friday' spree
-
Cheers, angst as US nuclear plant Three Mile Island to reopen
-
Scientists seek miracle pill to stop methane cow burps
-
Australia ditches plans to fine tech giants for misinformation
-
Developing nations slam 'paltry' $300 bn climate deal
NYSE - LSE
AI and digitalisation to eliminate 9,000 jobs at Intesa Sanpaolo
Italy's leading bank, Intesa Sanpaolo, has reached a deal with trade unions for 9,000 voluntary job cuts -- around 10 percent of its workforce -- due to the expansion of artificial intelligence (AI) and digitalisation.
At the same time, the bank plans to hire by mid-2028 some 3,500 young new employees to work in wealth management, it said in a statement late on Wednesday.
The plan "aims at enabling generational change at no social cost" and the "further strengthening of future sustainability of the Group's results... with a resilient business model in the digitalisation and artificial intelligence scenario", Intesa Sanpaolo said.
The changes should lead to 500 million euros ($540 million) of savings annually on staff costs from 2028.
Some 7,000 of the job cuts are to fall in Italy and the rest in international units.
The bank said it would take a 350-million-euro charge against fourth quarter earnings to finance the departures but that the provisions would not affect its guidance for a net profit above 8.5 billion euros in 2024.
Intesa Sanpaolo shares were flat in midday trading in Milan.
L.Dubois--BTB
