UniCredit to Cut 14,000 Jobs and Raise Nearly $14 Billion in Overhaul
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The UniCredit Tower in Milan. Italy’s largest bank by assets plans to raise $14 billion and cut nearly a tenth its work force. CreditGiuseppe Cacace/Agence France-Presse — Getty Images
LONDON — UniCredit, Italy’s largest bank by assets, said on Tuesday that it planned to cut 14,000 jobs over the next three years and that it would seek to raise nearly $14 billion, part of a strategic overhaul that comes at a crucial time for the country’s troubled banking sector.
The latest reshaping of UniCredit under Jean-Pierre Mustier, who became chief executive in July, will be closely watched for what it says about the willingness of investors to help troubled banks in Italy, where lenders have an estimated 360 billion euros, or $380 billion, in problem loans…
UniCredit to Cut 14,000 Jobs and Raise Nearly $14 Billion in Overhaul
