By Jessica Sier

UniCredit SpA said late Thursday it had signed an agreement with the Italian trade unions to restructure its workforce.

The Italian bank said it will offer 5,200 full-time employees voluntary early retirement over the next four years, with 800 employees to undertake retraining and upskilling.

UniCredit will also hire 2,600 new staff, and convert 900 apprenticeships into standard employment contracts.

The company confirmed a 1,430 euro ($1,567) annual bonus accessible through a welfare mechanism or EUR880 in cash. UniCredit said these productivity bonuses will increase 10% year on year.

The company has also introduced a 10-day paid paternity leave policy, and is investing in two new offices in southern Italy.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

April 02, 2020 13:15 ET (17:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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