EMCC European Monitoring Centre on Change



Geographic Location

Country: European Union
Location of affected unit(s): Italy will be hardest-hit (with around 5,000 job losses) and other Western European countries are also affected. The bank may create jobs in Central and Eastern Europe.


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding

Employment Effects

Announcement Date: 14-11-2011
Planned Job Reductions min: 7290
Planned Job Reductions max: 7290
Type of Restructuring: Internal restructuring
Employment Effect Start: 15-11-2011
Foreseen End Date: 31-12-2015
Planned Job Creation: 1135

Additional Information

The Italian-based bank Unicredit is planning to cut up to 7290 jobs in Western Europe before the end of 2015. There is contradictory information on whether they will at the same time expand their business in Eastern Europe by 1135 jobs.

Slightly varying numbers have been reported by different sources of the extent of the cuts, but according to a company presentation (14.11.2011) approximately 5200 jobs will be cut in Italy itself, the remaining job losses will occur in other countries within Europe. It is not yet clear in which countries the job creation in Eastern Europe will occur.

The bank is mainly slimming down its investment banking operations: around 8 per cent of staff in its investment banking division will be cut. One source (BBC News) estimates that 150 jobs will be lost in London, where many of Unicredit's investment banking staff are based.

The cuts follow write-downs in the value of several past acquisitions, linked to the sovereign debt crisis in Europe.