Intesa Sanpaolo plans to cut 10% of workforce, around 9,000 jobs, and invest in AI and digitalization.

Intesa Sanpaolo, Italy's largest bank, plans to cut around 9,000 jobs, or 10% of its workforce, as it expands AI and digitalization. The cuts, primarily in Italy, aim to save €500 million annually by 2028. Despite the layoffs, the bank will hire 3,500 young employees by mid-2028 for wealth management roles. A €350 million charge will finance the job cuts, but the bank projects a net profit exceeding €8.5 billion in 2024.

October 24, 2024
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