FILE PHOTO: Intesa San Paolo bank logo is seen at the headquaters in Turin, Italy, November 7, 2018. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian biggest retail bank Intesa Sanpaolo reached an agreement with five banking unions for 1,600 voluntary layoffs, unions said on Thursday

Under the agreement, Intesa will hire 150 new employees, mainly in its branches, unions added in a joint statement.