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Banking unions expect UniCredit will cut around 5,500 jobs in Italy

Reuters
FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan

MILAN (Reuters) - Italian banking unions expect the bulk of UniCredit's planned job cuts and branch closures to occur in Italy.

The Unisin group said that it expected 5,500 job cuts in Italy out of the 8,000 reductions announced as part of a new business plan to 2023 unveiled by the bank on Tuesday. A source at a different labour group confirmed this estimate.

Both unions expected Italy's biggest bank to shut up to 450 branches in the country out of a total of 500 planned branch closures.

(Reporting by Valentina Za, Gianluca Semeraro and Stefano Bernabei, editing by Silvia Aloisi)