BNP Paribas Italy in talks with unions over workers' protections in planned overhaul

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 the coming months respect worker protections, a union leader said on Wednesday.

BNP, the euro zone's largest bank by assets, is due to unveil in November a four-year strategy through 2030.

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.

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.

"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.

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. 

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.

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.

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 by Valentina Za; Editing by Emelia Sithole-Matarise/Keith Weir)