Popolare di Verona rejects 3,000 merger job cuts report, sees gains by 2010 |
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Thu, 18 Jan 2007 11:59
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MILAN (AFX) - Banco Popolare di Verona e Novara has rejected a report in the Finanza & Mercati newspaper that its merger with Banca Popolare Italiana will lead to 3,000 job cuts by the end of the year, a spokesman for Popolare di Verona said.Instead, the merged bank expects the departure of 3,000 employees over 2007-2010 via staff turnover and early retirement incentives, but at the same time will hire 3,300 new staff, the spokesman said.'The overall balance is positive. Other newspaper reports say that trade unions are content with the merger plan,' he said, noting officials from both banks met with unions yesterday.The job cuts and new hires will be carried out steadily over the period to 2010, with overall numbers rising to 21,500, from 21,200 in 2007, he said.The spokesman also commented on reports yesterday that the Bank of Italy is querying a 1.5 bln eur dividend payment to be made by Popolare Italiana prior to the merger.The banks view the Bank of Italy's queries as 'rather formal', and believe they can be resolved in talks without major changes to the merger plan, he said.nigel.tutt@thomson.comnt/gpCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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BPVN, BPI merger to lead to 3,000 job cuts by yr-end - report 