Italy’s largest bank UniCredit is restructuring by divesting 3,800 job roles and raising €11bn in a share sale in a bid to streamline its business. The move has been driven by the political volatility affecting the Italian banking sector, which has also been hit by bad debt and low rates of profitability. UniCredit will make the cuts over the next two years, and is planning to boost its capital ratio to enable a dividend payment to investors by 2019. 14,000 branches will be closed down, with around 11% of the bank’s total staff being divested.
Italy’s largest bank UniCredit is restructuring by divesting 14,000 job roles and raising €11bn in a share sale in a bid to streamline its business. The move has been driven by the political volatility affecting the Italian banking sector, which has also been hit by bad debt and low rates of profitability. UniCredit will make the cuts over the next two years, and is planning to boost its capital ratio to enable a dividend payment to investors by 2019. 3,800 branches will be closed down, with around 11% of the bank’s total staff being divested.