BNP Paribas Italy in talks with unions over workers' protections in planned overhaul
BNP Paribas Strategic Plan and Worker Protections
(Corrects second paragraph to say group-wide plan is expected in early 2027 not November)
Union Discussions and Strategic Timeline
MILAN, July 22 (Reuters) - Unions at the Italian arm of BNP Paribas have entered discussions with the bank's management to ensure changes in Italy under a new strategic plan due in November respect worker protections, a union leader said on Wednesday.
BNP, the euro zone's largest bank by assets, is due to unveil in early 2027 a four-year strategy through 2030 for the whole group.
Financial Targets and Cost Control
BNP, which reports quarterly earnings on Thursday, in presenting full-year results in February lowered its 2028 cost-to-income target below 56% from 58%, compared with 61% in 2025.
Retail Banking Revisions and Focus Areas
The changes under discussion in Italy aim to revise retail banking services to target higher-yielding customers, as the bank prioritises corporate investment banking activities, "large corporate" and private clients, said Gianluca Ceriani, a UNISIN/CONFSAL union representative.
Union Concerns and Worker Protections
"BNP Paribas has set ambitious goals in terms of returns and cost control. It's key that these goals are combined with workers' protection. That is why we must keep our guard up," he said.
BNP Paribas Workforce and Italian Operations
In June, Ceriani became deputy secretary general of BNP's European Works Council, an employee body which represents around 132,000 staff.
A person briefed on the bank's strategy said the plan would not lead to a downsizing of BNP's presence in Italy.
Trends in Employment and Centralisation
However, Ceriani said the number of BNP Paribas employees in Italy had been falling faster than in the rest of Europe in recent years, as certain activities were centralised in regional hubs and others outsourced, a move which unions have in some cases managed to stop.
BNP Paribas in Italy: History and Market Position
France's BNP Paribas has operated in Italy since its 2006 acquisition of local bank BNL. Unlike French rival Credit Agricole, for which Italy is the main foreign market, it has not been growing its local presence through acquisitions.
Staff Numbers and European Comparison
Ceriani said BNP Paribas Italy had a staff of 15,724 at the end of last year, down by a fifth versus 2018.
Over the same period the total number of employees across the 22 countries represented on the bank's European Works Council has decreased by 7%, he said.
Reporting Credits
(Reporting by Valentina Za; Editing by Emelia Sithole-Matarise/Keith Weir)
