Unicredit cut 6,900 places in Italy – Stadio24.com

From January 2014 to September 2015 – is noted in the note on the floor – Unicredit has already closed 928 branches. The cuts will be in the ‘corporate centers’ and commercial bank Italy , Germany, Austria and Central Eastern Europe. Unicredit provides measures contemineto cost of 1.6 billion: by the end of 2016 will be sold or restructured businesses with low profitability ‘. For Ghizzoni is a project “strict and serious at the same time ambitious.”

In 2018, the strength job Global Milanese bank will amount to 111 thousand posts full time. “And ‘particularly realistic because it is based on actions that dependent on our managerial choices and is a totally self-funded plan.” “We are therefore fully confident about its realization.” The strategy document approved this morning by the board, which updates the objectives to 2018, is based on five pillars: the first two, those from which are expected higher returns, are the reduction in operating costs (1 , 6 billion the expected savings, 18,200 workers who will leave the perimeter) and the sale or renovation by 2016 of unprofitable business, as retail banking in Austria and leasing in Italy , in addition to subsidiary in Ukraine. They weigh 400 million writedown of subsidiary in Ukraine and the translation into euro of loans in Swiss francs in Croatia.

The plan aims to consolidate the bank in terms of assets (12.6% Common equty tier 1-2018) and profitability: 2018 , in fact, the group intends to achieve 5.3 billion Net , with a Rote 11%. The title of Unicredit on the Stock Exchange has made a shot after the numbers of the new plan, posting a + 3% and exceeding the threshold of € 6. Third-quarter profit was 507 million, above the consensus of 458 million. Unicredit has signed a binding framework agreement with Santander to integrate Pioneer and the asset management activities of the Spanish group.

The agreement signed by the group led by Federico Ghizzoni , who today presented the accounts and the new plan, from Santander and its affiliates of Warburg Pincus and General Atlantic, follows the preliminary agreement signed last April 23.