Abstract
In this paper, we discuss the classical modelling approach of pandemics as a negative labour shock. We perform an archival analysis of one of the largest Italian banks (Credito Italiano) during the First World War - Spanish Flu period (1914-1920). In particular, we scrutinise the circulars that the central management of the bank sent out to the local branches, with the aim to assess whether the Spanish Flu has been perceived by contemporaries as an event seriously affecting personnel management. Though restricted to a single case-study, archival evidence does not support the existence of a remarkable negative labour supply shock affecting personnel management because of the Spanish Flu pandemic. Other war-related events probably increased the system's resilience.