Merger Showdown: Union Slams Crédit Agricole–Banco BPM Deal Over Job Cuts and “Deserted” Towns
Italian bank workers’ union First CISL has delivered a stark warning about the rumored merger between Banco BPM and Crédit Agricole Italia. On October 31, the union publicly rejected the potential deal, saying it would come at a high social cost. “An eventual Crédit Agricole–Banco BPM operation will bring a new wave of branch closures [and] heavy cuts to jobs,” cautioned First CISL Secretary General Riccardo Colombanifirstcisl.it. He stressed that hundreds of bank branches could shut if the two lenders combine, hurting not only bank employees but also local communities and small businesses that rely on nearby banking servicesfirstcisl.it. The union considers this scenario “a prospect we oppose with determination.”ansa.it