--UniCredit is planning to slash a further 500 million euros ($561.4 million) in costs as the Italian bank seeks to offset higher-than-expected inflation, Bloomberg reports citing people familiar with matter.

--The lender is focusing on the automation of processes, reducing layers of bureaucracy and middle management, reviewing outsourcing contracts and investing in digitalization and efficiency, Bloomberg reports.

--UniCredit is expected to suffer a EUR1 billion hit from inflation by 2024, according to Bloomberg.

Full story: https://rb.gy/tmwl1

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 17, 2023 09:07 ET (13:07 GMT)

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