- Unions were told on Monday cuts total 14% of Italian staff
- Some staff to be relocated within wider Credit Agricole group
- Focus is on ETFs, Asia, technology, third-party distribution
MILAN, June 9 (Reuters) - The Italian arm of France's Amundi, Europe's biggest asset manager, has set a target of 50 staff cuts to be achieved by the end of the year, a document it sent to unions on Monday showed.
The proposed layoffs amount to 13.8% of a total staff in Italy of 363 people, based on the numbers included in the document, of which Reuters reviewed a copy.
The figure is at the lower end of the range Amundi SGR, the company's Italian unit, flagged to unions in the country last month, when it first unveiled plans to reduce its headcount and help the group meet savings goals and shield profit margins as competition in the sector rises.
Reuters was first to report on May 15 of the proposed cuts.
A representative for Amundi declined to comment, reiterating the target of yearly savings of between 30-40 million euros starting from 2026 set by the group, as it focuses resources on Exchange Traded Funds, technology, Asian markets and third-party distribution accords.
Italy is the biggest foreign market for both Amundi and its parent company Credit Agricole.
Reassignment of some Italian employees within the banking group will be discussed at a meeting the fund manager's Italian business hold on June 12 with Credit Agricole representatives, a union source said.
In 2017 Amundi paid 3.55 billion euros ($4.04 billion) to buy the fund business of UniCredit and struck a 10-year distribution contract. The contract's future is now linked to a raft of takeover deals rocking Italian banks.
UniCredit has bid for smaller peer Banco BPM, prompting Credit Agricole to raise its stake to just under 20%, to boost its position as BPM's leading shareholder and protect their partnerships in insurance and consumer finance.
The union source said the layoffs were unrelated to the future of the UniCredit contract.
($1 = 0.8769 euros)
Reporting by Valentina Za Editing by Keith Weir and David Evans
Source: Reuters