Andrea Innocenti In recent years, the Italian financial market has been shrinking: delistings, acquisitions, and takeover bids are reducing the number of listed companies and their overall market capitalization. This process highlights a practical and economic contradiction: household savings are being encouraged to finance production growth, while the market that should absorb those investments is contracting.
At the same time, employment and income data in some areas of the country reveal structural weaknesses: increasing fixed-term and part-time contracts, young people less attracted to stable employment, and persistent gender pay gaps. These factors interact with the capital market's ability to support businesses and growth.
Size of the phenomenon: 148 delistings and approximately 69 billion stolen
The numbers reveal the extent of the change: since 2021, 148 delistings have been recorded , with an estimated reduction in market capital of approximately €69 billion . The reasons are varied: acquisitions, mergers, restructuring, or corporate distress. However, the net result is a shrinking universe of securities available to Italian investors, just as the European Union is pushing for deeper national capital markets that are less dependent on bank lending.
Four operations that explain the trend
In recent days, four public offerings have been completed, further demonstrating the dynamics of delisting: the Recordati transaction saw the Respighi BidCo vehicle reach a 62,15% stake , corresponding to approximately €6,89 billion in capitalization, rising to 74,58% overall when including market purchases and prior holdings, with the objective of delisting through a merger as well. For PLC , the bidder Pendant Power exceeded 88,12% with a reopening of the terms; for Reway Rinova, BidCo reached 98,91% , paving the way for the purchase of the remaining shares; while the Haiki+ transaction is part of the same capital consolidation trend in listed companies.
Incentive proposals to guide family savings
To counteract the emptying of the market and encourage long-term investments in businesses, several financial and insurance associations have put forward a proposal to introduce Savings and Investment Accounts (SIA) in Italy . The project envisions savings and investment accounts with tax advantages, a minimum term of five years , at least 70% of investments earmarked for EU or EEA issuers, and an equity component of no less than 50% . The stated goal is to gradually shift family portfolios away from primarily bond-based instruments toward greater participation in corporate capital.
According to the promoters, in addition to targeted fiscal measures, a more accessible market, greater liquidity, and incentives for new listings are needed to transform private wealth into stable resources for the real economy, rather than simply shifting between financial products.
The MPS case and the uncertainty surrounding large listed companies
The stability of major banks' listings has become a political and industrial test. The MPS shareholders ' meeting , scheduled for October 29, will be called to deliberate on strategic transactions that could impact the institution's continued listing, amid ongoing bids for Banco BPM and Banca Generali and an ongoing takeover bid by another major banking group. The outcome is uncertain: the bidder group has announced it may invoke the failure to meet contractual conditions if certain competing resolutions are approved, placing MPS's future as a listed company under significant pressure.
A possible exit by a bank of this size would exacerbate the aforementioned paradox: asking families to invest in the markets while the stock market loses key players.
Employment data and socioeconomic signals from Piedmont
The most recent regional data provide a reflection of social tensions: in 2025, Piedmont recorded a positive employment balance , thanks to more hirings than terminations, but with an increase in temporary and part-time jobs, contributing to wage stagnation. Permanent hires are decreasing, and part-time employment represents 23,1% of the regional total, factors that fuel the weak wages.
Young people, gender inequality and declining inspectors
Young people are a concern: the share of 15-29 year-olds neither employed nor in education has increased, demonstrating the difficulty in creating stable employment paths for the younger generation. Gender pay gaps remain high: in the private sector, the gap is approximately 26,6% , with peaks in sectors such as commerce and the arts. Meanwhile, the number of inspectors and inspections has declined, despite rising revenue and productivity per inspector.
Overall, the framework highlights two intertwined challenges: strengthening a capital market capable of financing growth and addressing labor conditions that ensure stable incomes and opportunities for young people. Without a deep equity market and effective incentives, the transition of private savings to the real economy risks remaining incomplete.