By Giulia Petroni

UniCredit SpA on Thursday said that it has agreed with Italian unions on 1,200 voluntary job cuts and 725 new hires by the end of 2024.

The Italian lender's plan foresees 950 voluntary cuts through early retirements, partly offset by 475 new hires. An additional 250 voluntary cuts have been agreed to, fully offset by 250 new arrivals.

"It's an agreement of great importance on the theme of generational turnover and employment balancing," according to Italian banking union FABI.

UniCredit will also make 1,000 temporary, apprenticeship contracts permanent.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 27, 2022 07:19 ET (12:19 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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