UniCredit to Cut 5,500 Jobs, Close 450 Branches in Italy, Union Says
04 December 2019 - 1:15AM
Dow Jones News
By Pietro Lombardi
Italy will bear the brunt of UniCredit SpA's (UCG.MI) planned
job cuts and branch closures in the next four years, an Italian
union said Tuesday after the bank presented its new strategic
plan.
Of the roughly 8,000 jobs the bank intends to cut through 2023,
5,500 will be in Italy, the Unisin union said. It added that of the
500 branches expected to be closed, 450 are in the country.
Speaking with journalists Tuesday morning, UniCredit Chief
Executive Jean Pierre Mustier didn't give details on the job cuts
but said they would be done in a socially responsible way.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
December 03, 2019 09:00 ET (14:00 GMT)
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