Press "Enter" to skip to content

Unicredit German unit to take significant portion of job cuts under new plan

UniCredit’s (CRDI.MI) German arm is set to take a significant portion of the around 3,000 voluntary redundancies expected under the Italian bank’s new business plan, a person close to the matter said.

Bloomberg News reported earlier on Friday half of the expected job cuts would hit the group’s German operations.

UniCredit will unveil a new business plan on Dec. 9.

Sources familiar with matter said on Wednesday Italy’s second biggest bank is considering cutting around 3.4% of its workforce through voluntary departures under the new strategic plan.

Germany accounted for 16% of Unicredit’s total employees as of September 30.

UniCredit has approved 22,000 job cuts since 2016 under two previous plans with Italy, which account for 44% of the workforce, taking the bulk of the layoffs given its relative weight within the group.

Reporting by Valentina Za, Editing by Louise Heavens

See also  Nigerian Economy Is Stable –Ministry of Finance

Be First to Comment

Leave a Reply

Your email address will not be published.

You cannot copy content of this page