UniCredit to cut 2 400 jobs

Milan - Italy's UniCredit has reached a deal with unions to cut 2 400 jobs, the sector's main union Fabi says, in the first stage of workforce reductions foreseen in the bank's 2013-18 restructuring plan.

In the plan announced in March, the country's biggest bank by assets said it aimed to cut around 8 500 jobs by 2018 - nearly 6% of its workforce - including more than 5 700 in Italy.

As part of the deal with unions, UniCredit also agreed to hire 800 young people and put 670 existing apprentices on permanent contracts, while talks on the remaining job cuts foreseen in the plan will continue next year, said Fabi.

UniCredit confirmed that a deal with unions had been signed, but did not give further details.