Asset manager Amundi plans to cut 50 jobs in Italy, document says
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 its savings goal 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 growth drivers comprising 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 (CAGR.PA), opens new tab.
In 2017 Amundi paid 3.545 billion euros ($4.04 billion) to buy the fund business of UniCredit and struck a 10-year distribution contract which runs out in 2027.
($1 = 0.8769 euros)
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