Italy's Labour minister to meet UniCredit management this week

MILAN (Reuters) – Italy’s Labour minister said on Wednesday that she would meet UniCredit’s (MI:) management later this week to discuss about the job cuts planned by the country’s largest lender.

As part of its new business plan, UniCredit said last week it would cut 8,000 jobs and close 500 branches worldwide, triggering the ire of unions in Italy.

Italian unions expect 5,500 layoffs and the closure of up to 450 branches in the country.

“Italian government is following this matter very closely and is ready to intervene with any instrument in order to protect the current employment levels”, Nunzia Catalfo told a parliamentary hearing.

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