UniCredit poised to cut jobs

UniCredit is reported to be considering cutting some 12,000 jobs and selling off some assets as part of a revised strategic plan which is due to be announced on Wednesday 10 November.

According to the Wall Street Journal, people familiar with the situation said “the new plan could include job cuts, which will likely be concentrated in its German and Austrian unit.”

The unnamed source also told the WSJ that UniCredit is considering selling its leasing business too.

UniCredit came under pressure last year as the ECB stress tests kicked off and highlighted a need for the biggest Italian bank by assets to improve its capital position.

UniCredit is also at the centre of market attention as it announced earlier this year its plan to merge its asset management unit Pioneer Investments with Santander AM for the launch of a transborder asset management company.

The company is also reported to be considering further job cuts once the merger between the asset managers will be completed.

According to the Financial Times, UniCredit will also look at selling its shares in FinecoBank and Pioneer Investments.

Pictured: Federico Ghizzoni, CEO, UniCredit Spa

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