(ANSA) - Milan, May 11 - UBI Banca said Thursday it will cut staff in the three 'good banks' it recently took over by as much as a third by 2020. UBI plans to cut staff at Banca Marche, Banca Etruria and Carichieti by 1,569 units, or 32%, and close 140 branches while also optimising other administrative spending. The cuts were contained in an update to UBI's business plan. UBI bought the three banks, revived versions of ones that went to the wall in late 2015, for a nominal one euro recently.
The other good bank, CariFe, was bought for the same price by the BPER bank.
UBI to make 1,569 redundant in good banks by 2020
32% cut in staff, 140 branches to go