Unicredit to announce up to 12,000 more job cuts
Italy´s largest bank by assets was set to unveil a radical restructuring plan in a bid to avoid having to go cap in hand to investors for fresh capital, which might cost some managers their seats, according to the Financial Times.
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The plan, which Unicredit was planning to announce alongside its third quarter results on Wednesday, included as many as 12,000 job cuts and a slate of asset sales, including its retail operations in Austria.
Coming on top of 5,000 layoffs which had already been announced, the cuts would amount to 7% of the workforce at Italy´s largest lender. They were to be centred on Austria and Italy but focused on the back office operations for Germany andits investment bank.
The asset sales would be used to offset the charges that would result from the restructuring.
Among the assets that might be on the selling block were its Polish-listed business and holdings in retail bank Fineco as well as investment manager Pioneer.