Italy’s largest bank, Intesa Sanpaolo, embarks on a massive restructuring. Artificial intelligence and digitalization advancements necessitate this strategic shift.
The bank will cut 9,000 jobs, approximately 10% of its workforce, through voluntary departures. Italy bears the brunt with 7,000 positions eliminated, while international units lose 2,000 roles.
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To inject fresh talent, Intesa Sanpaolo will hire 3,500 young professionals by mid-2028. These recruits focus on wealth management, securing the bank’s future.
This bold move enables generational change without social upheaval. Annual savings of 500 million euros ($540 million) kick in by 2028.
A one-time 350-million-euro charge in fourth-quarter earnings facilitates the transition. Importantly, Intesa Sanpaolo maintains its 2024 net profit forecast above 8.5 billion euros.
The banking landscape evolves as technology advances. Intesa Sanpaolo adapts, balancing progress with employee support.
