Bank of Italy to cut 20% of staff by 2013

The Bank of Italy announced Tuesday 31 October that it would cut staff by about one-fifth by 2013 and close 75 percent of the central bank's offices in Italy under a plan that was rejected by the bank's unions.

The plan would see the number of offices in Italy fall to around 25 from 100 in a "relatively" short time, Deputy Director Antonio Finocchiaro said.

Finocchiaro told a news conference about 2,500 of the bank's 8,000 staffers would be cut either because they reach the retirement age or t