UniCredit Bank AG 's Chief Executive , Willibald Cernko , has told a recent press conference that the bank may not need to make any job cuts as part of a major restructuring programme on its retail business . Instead , the bank will cover the cost of the restructure with $ 2.1bn ( $ USD ) that had been earmarked for the pensions of active employees who will migrate to the state pension system going forward .
UniCredit Bank Austria's Chief Executive, Willibald Cernko, has told a recent news conference that the bank may not need to make any job cuts as part of a major restructuring programme on its retail business. Instead, the bank will fund the cost of the restructure with €2.1bn ($2.3bn) that had been earmarked for the pensions of active employees who will migrate to the state pension system going forward.