THE THREE YEAR REORGANIZATION PLAN IN ITALY

THE THREE YEAR REORGANIZATION PLAN IN ITALY

Today the Company has submitted to the Trade Unions the Three Year Reorganization Plan of the Group in Italy.

The a.m. Plan is the consequence of the merger operation called “One4C” and of the need for the company to reduce costs, following the negative trend in corporate accounts and specifically in the Italian perimeter.

The plan provides, in the period 2011-2013, the freezing of the staff costs increase (about 422 million) through the identification of 4,700 FTE redundancies (600 of which represented by the colleagues did not enter the Solidarity Fund on 1 of July).
According to the Company the number of redundancy represent the number of the staff with pension matured rights from now up to 2013 . The number of redundancies could increase if less seniority staff was involved.

Also according to the company, other pillars in order to reduce costs would be:

– professional / territorial mobility
– new professional roles and flexibility for new employees and for specific activities, as already provided by art. 23 of the Banking Sector National Agreement.
-t otal review of current professional classification.

Understanding that details will be provided at the beginning of the contractual procedure on September 10, Trade Unions first gave these considerations:

– The negative business trend was determined not only by economic crisis, even very aggressive but also by trade policies that the Group has pursued and Trade Unions always spoke out and never shared;
– The plan provides a significant cost cuts, but lacks an explicit policy of revenue growth;
– Cost reduction must be guided by criteria of fairness and transparency. This means that the Management Group will do its part and lead by example: moreover the other international activities of the Group has to contribute.
– The cost cutting must not be realized through de-localization of Italian activities: the Group has agreed with Unions on this point.
– Even policies on incentive systems must be aligned with the scenario and reduced costs;
– The total number of redundancies today communicated has never been announced , nor shared with Trade Unions. We has asked for going on with the practice of consensus and voluntary incentivated retirements.


In any cases Trade Union have stressed the need to support the commercial network with new recruits and to confirm the policy of multipolarity , as done in recent years;
The actions required by the Management will fall under the current Banking Sector National Agreement

The company has confirmed, despite the difficulties of the moment, the solidity of the Group and the willingness to continue the dialogue with Trade Unions in the tradition to find shares solutions.

By our part, acknowledging the availability of the Group, we have declared that the next September negotiations should respect the priorities expressed by Unions during the meeting today.


Milan, August 4, 2010



Group Steering Committees
Fabi Fiba/Cisl Fisac/Cgil Silcea Sinfub Ugl/Credito Uilca
UniCredit Group

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