Giuseppe Castagna, CEO of Banco BPM, has expressed concerns about a possible takeover by UniCredit SpA, stating that it could put more than 6,000 jobs at risk in Italy's third-largest bank.

In a letter to employees, Castagna highlighted the significant cost synergies expected from UniCredit, which are estimated to be more than one-third of Banco BPM's total cost base. This warning comes at a time when the banking sector is facing increased scrutiny over consolidation efforts and their impact on employment.

Castagna's message emphasizes the need for careful consideration of the workforce implications as discussions progress.