UniCredit: plans to cut around 6000 jobs

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UniCredit: plans to cut around 6000 jobs

UniCredit: Outlines 6,000 job cuts and 450 branch closures in cost-cutting plan

  • Jean Pierre Mustier leading a cost-cutting project at UniCredit set to be completed by 2023
  • The bank’s three-year plan would increase stakeholder value by €16 billion ($17.7 billion)
  • UniCredit also aims to release half of its underlying net profit to shareholders in 2023
  • Since 2014 the bank has cut around 20,000 jobs, 14,000 of which has occurred during Mustier’s time at the top
  • UniCredit aims to become a paperless retail bank by the end of 2020 in its home country
  • The bank also stresses that no other personal data or any bank details permitting access to customer accounts has been leaked