Unicredit's CEO Federico Ghizzoni says the bank plans to move some functions of its German unit, Hypovereinsbank, to Milan in an effort to cut costs, with a restructuring plan on how this will be achieved to be presented by the end of the year. The Italian bank's chief executive said that it would also look at moving some operations from Frankfurt and Paris back into Italy.
Unicredit's CEO Federico Ghizzoni says the bank plans to move some functions of its German unit, Hypovereinsbank, to Milan in an effort to cut costs, with a restructuring plan on how this will be achieved to be presented by the end of the year. Ghizzoni also confirmed that there is no plan to sell the German unit.