UniCredit plans to keep its 50% share in Turkish bank Yapı Kredi, in spite of a corporate decision to raise capital and lower costs as EU regulators increase their pressure. UniCredit will cut 11% of its workforce and close 1,000 national branches to meet more stringent capital demands from regulators. The bank has €17.7bn of bad loans to offset, but has chosen to keep Turkey as a core part of its operations, with plans to develop digital banking options. Against that backdrop, UniCredit’s €17.7 billion in bad loans is drawing scrutiny. In the UK, HSBC is cutting 10,000 jobs over two years, while JP Morgan Chase & Co said it would reduce 12,000 jobs, or about 10% of its workforce, by 2015.
UniCredit plans to keep its 50% share in Turkish bank Yapı Kredi, in spite of a corporate decision to raise capital and lower costs as EU regulators increase their pressure. UniCredit will cut 11% of its workforce and close 1,000 national branches to meet more stringent capital demands from regulators. The bank has €17.7bn of bad loans to offset, but has chosen to keep Turkey as a core part of its operations, with plans to develop digital banking options. In the UK, HSBC is cutting 10,000 jobs over two years, while JP Morgan Chase & Co said it would reduce 12,000 jobs, or about 10% of its workforce, by 2015.