UniCredit unveils new management structure
Italy’s bank UniCredit has unveiled a new decentralized management structure which will be implemented in several countries of its global network in order to achieve cost reduction and faster decision making.
The overhaul has been approved by UniCredit’s board and will see the bank abandoning its prior plan to create a single pan-European division, opting for a country-based operation for its core retail business.
UniCredit will set up independent structures for its retail, small-business and private banking division for Italy, Germany and Austria. Austria will also serve as the base for UniCredit’s operations in Eastern Europe.
Under the new structure, each country head will have a wider role.
The bank’s corporate and investment division will remain global and focus on multinational companies and other large clients, the bank said.
“Objectives are to reduce costs through simplification. We want to make an impact on earnings because the synergies are more obvious compared to yesterday,” said Federico Ghizzoni, chief executive at UniCredit.