EMCC European Monitoring Centre on Change

Unicredit

Company/Organisation:
Unicredit

Geographic Location

Country: World
Location of affected unit(s): Italy, Austria, Ukraine

Company

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

Employment Effects

Announcement Date: 14-12-2015
Planned Job Reductions min: 12200
Planned Job Reductions max: 18200
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2016
Foreseen End Date: 01-01-2018

Additional Information

The largest Italian bank UniCredit has announced it aims to cut 18,200 jobs by 2018 in the framework of a €1.6 billion cost saving programme. The bank declared losses of 10.64 billion in the third quarter of 2015. Its aim is to cut 12,200 positions (including 6,900 in Italy) and to sell activities that currently employ 6,000 employees. These 6,000 job cuts are related to the sale of the bank’s Ukraine business and a stake in its Pioneer asset management joint venture with Santander. The main targets of its new Strategic plan are "exit or restructuring of poorly performing businesses such as retail banking in Austria and leasing in Italy, on top of the ongoing rundown of the Non Core Division", a "strong focus on new digital agenda" to accelerate the "Group's retail and corporate multi-channel transformation" and to become "a simpler and more integrated Group ".