UniCredit Plans 8,000 Job Cuts and First Share Buyback In a Decade

UniCredit, Italy’s largest lender, said it plans to cut 8,000 jobs and seek regulatory approval for a share buyback that will be seen as a litmus test for the wider European banking sector, the Financial Times reported. The moves were part of a four-year strategic plan unveiled by chief executive Jean Pierre Mustier on Tuesday, which will also lead to the closure of 500 branches in an effort to save €1bn of costs in Western Europe. Mr Mustier declined to give details of where the job cuts will fall, but said they would be done in a “socially responsible way.” Over the past 18 months, UniCredit has explored mergers with other challenged European banks such as Germany’s Commerzbank and France’s Société Générale, the Financial Times has reported. Read more