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UniCredit to use 300 million euro charges for voluntary staff exits-sources

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UniCredit to use 300 million euro charges for voluntary staff exits-sources

MILAN (Reuters) – UniCredit will use restructuring charges it is set to book this year to fund voluntary exits after receiving some 1,900 requests from staff late last year of which it met less than half, two people close to the matter said.

In reporting stronger-than-expected quarterly results, UniCredit on Wednesday raised its profit goal for the year above 6.5 billion euros ($7.2 billion) and said the figure included 300 million euros in restructuring charges it would book mostly in the second quarter.

It did not provide further details.

The bank plans to use the money to cut further costs by axing jobs in central offices and hiring instead young people to strengthen its commercial franchise and boost its digital capabilities, the sources said.

UniCredit late last year invited staff to come forward who wanted to retire early and were within five years from qualifying for a pension, the two sources said.

It had envisaged cutting some 800 jobs, a figure which it then raised to 925, but it was unable to meet another 1,000 requests from employees ready to leave, one source said.

In Italy banks lay off staff through a voluntary scheme funded by individual lenders which allows employees to retire early and receive up to 80% of their salary until they qualify for a pension paid by the state. ($1 = 0.9054 euros)


(Reporting by Valentina Za)