Sunday, February 16, 2025

Italy’s Sanpaolo bank is Restructures Due To AI Expansion, Cuts 9,000 Jobs

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.

READ MORE: Rear Admiral Orederu Fosters Partnership, Visits NSE President

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.

Hot this week

Ex-Lagos Speaker Obasa Sues Assembly Over Impeachment, Seeks Urgent Court Ruling

Former Speaker of the Lagos State House of Assembly,...

AfDB Invests $3 Billion in Agro-Industrial Hubs to Transform Africa’s Agriculture

The African Development Bank (AfDB) is driving Africa’s agricultural...

NUC Tightens Rules for Private University Licensing with 14-Step Approval Process

Nigeria's National Universities Commission (NUC) has introduced a comprehensive...

Kenya’s Rose Exports Wither Under Pests, EU Regulations

Kenya's $1 billion flower export industry, a lifeline for...

Nigeria Halts Implementation of 4% FOB Charge to Refine Customs Framework

The Nigerian government has suspended the implementation of a...

Dangote Group to Invest $400M in Ethiopia Cement Expansion Amid Market Growth

Africa’s richest man, Aliko Dangote, is doubling down on...

Djibouti’s Youssouf Secures AU Commission Chair, Pledges Security and Unity

Djibouti’s Foreign Minister, Mahmoud Ali Youssouf, has emerged as...

Nigeria Sees 9,100 Childhood Cancer Cases Annually Amid Calls for Urgent Action

Nigeria records approximately 127,000 cancer cases annually, with children...

Nigeria’s Defence Chief Exposes Foreign Links to Boko Haram, Calls for Action

Chief of Defence Staff General CG Musa has indeed...

Ex-Lagos Speaker Obasa Sues Assembly Over Impeachment, Seeks Urgent Court Ruling

Former Speaker of the Lagos State House of Assembly,...

Nigeria to Boost Lagos-Kaduna Freight Rail to Full Capacity by Q2 2025

The Nigerian Railway Corporation (NRC) is ramping up freight...

Kenya’s Odinga, Djibouti’s Youssouf Lead Race for AU Commission Presidency

The race to lead the African Union (AU) Commission...

Related Articles

Popular Categories