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UniCredit to cut 8,000 jobs

Christian Fernsby |
UniCredit will return 2 billion euros ($2.2 billion) to investors and cut about 8,000 jobs.

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Topics: UNICREDIT    JOBS   

UniCredit, announcing a new strategic plan through 2023, will boost shareholder payouts through a combination of dividends and the stock repurchases.

The employee reductions, equal to more than 9% of the workforce, will come in part through the closure of about 500 branches.

UniCredit also announced a separate buyback equal to about 9% of this year’s earnings.

Revenue and costs are expected to be little changed through 2023 and the bank will focus on eking out what it can on its own rather than attempting major acquisitions.

The plan’s targets are “pragmatic and achievable,” Mustier said in the statement.

“They are based on a realistic set of macroeconomic assumptions, being more conservative than those assumed by the market.”

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