Banco BPM CEO Giuseppe Castagna has raised concerns over potential job losses in the wake of Italian banking group UniCredit's unsolicited takeover bid, reported Bloomberg citing a letter sent to by Banco to its employees.

UniCredit's bid for Banco BPM raises concerns about the potential impact of the deal on jobs, the banking sector's main union said on Thursday. "There is great concern about the employment fallout that could result from the deal.

UniCredit SpA informed top officials in the Italian government and Banco BPM SpA Chairman about its intention to make a takeover bid for its smaller rival before announcing the move on Monday, people with knowledge of the matter said.

MILAN (Reuters) - UniCredit's surprise bid for Italy's Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday. He was speaking ahead of a Banco BPM board meeting for an initial discussion on the 10 billion euro ($10.5 billion) takeover bid launched on Monday by Italy's second-largest bank.

Italy's Banco BPM, the target of an unsolicited all-share offer announced by UniCredit, should remain an independent bank, its CEO said in a letter to staff on Wednesday, warning of big job cuts if the deal went through.

Banco BPM SpA said the takeover bid it has received from UniCredit SpA wasn’t agreed in advance and isn’t in line with its performance.

ROME, NOV 27 - The CEO of Banco BPM, Giuseppe Castagna, wrote a letter to staff Wednesday saying there would be estimated job losses of at least 6,000 if Italy's second-biggest bank UniCredit succeeds in its hostile takeover bid for the country's third-biggest.