Amundi, Europe’s largest asset manager and a subsidiary of Credit Agricole, has reportedly communicated to unions its intention to reduce its Italian workforce by 50 positions by the end of the year.
The redundancies, which represent 13.8% of the Italian staff, are part of Amundi’s strategy to meet savings goals and protect profit margins in the face of increasing competition, reported Reuters citing a document sent to unions.
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The proposed job reductions are at the lower end of what Amundi SGR, the Italian unit, had previously indicated to unions.
The company aims for annual savings of €30-40m starting from 2026, focusing on Exchange Traded Funds, technology, Asian markets, and third-party distribution agreements, the news agency further noted.
Amundi has reiterated this savings target but declined to comment further on the job cuts.
Italy holds significant importance for Amundi and Credit Agricole, with the former having invested €3.55bn in 2017 to acquire UniCredit’s fund business and secure a ten-year distribution agreement.
The future of this contract is now intertwined with ongoing consolidation in the Italian banking sector, including UniCredit’s bid for Banco BPM and Credit Agricole’s increased stake in BPM.
A union source disclosed that the job cuts are not related to the UniCredit contract’s future.
The reassignment of some Italian employees within the banking group is reportedly set to be discussed in a meeting on 12 June between Amundi’s Italian business and Credit Agricole representatives.
Meanwhile, in November 2024, Amundi made headlines for its acquisition of Germany’s Aixigo, a provider of financial software solutions.
“Amundi plans 50 layoffs in Italy by year-end” was originally created and published by Private Banker International, a GlobalData owned brand.
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