From Yahoo Finance: 2025-06-10 08:49:00

Amundi, Europe’s largest asset manager, plans to cut 50 jobs in Italy by year-end, representing 13.8% of its Italian staff. The move is part of cost-saving efforts to protect profit margins amidst rising competition. Annual savings of €30-40m are targeted from 2026 by focusing on ETFs, technology, Asian markets, and distribution agreements.

The job cuts are at the lower end of what was previously indicated to unions by Amundi SGR, the Italian unit. The company is aiming for significant savings starting in 2026, with a focus on specific areas like ETFs, technology, and distribution agreements. Italy is crucial for Amundi and Credit Agricole, with a history of investments and agreements in the country.

The future of Amundi’s contract with UniCredit in Italy is intertwined with ongoing banking sector consolidation. Despite this, sources indicate that the job cuts are not directly related to the UniCredit contract’s future. Discussions on reassigning Italian employees within the banking group are expected to take place in a meeting on 12 June.

In November 2024, Amundi acquired Germany’s Aixigo, a provider of financial software solutions, showcasing its strategic growth moves beyond workforce adjustments. The company’s aim to reduce workforce in Italy is part of broader cost-saving measures to ensure long-term profitability and competitiveness in the market.



Read more at Yahoo Finance: Amundi plans 50 layoffs in Italy by year-end