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The European Central Bank has raised concerns with UniCredit about a high turnover of top managers, after a string of changes at Italy's No.2 bank under Chief Executive Andrea Orcel, two people...
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UniCredit is considering cutting around 3,000 jobs through voluntary departures under a new strategic plan the Italian lender is due to present on Dec. 9, two sources familiar with the matter said on Wednesday.
Read More Andrea Orcel stamped his mark on UniCredit within weeks of taking the reins, axing management committees and a dual head structure that had irked some top investors while hiring key lieutenants to oversee strategy and relations at the Italian bank. Orcel, a veteran UBS (UBSG.S) and Merrill Lynch dealmaker who almost landed the top job at Spanish bank Santander (SAN.MC), was hired by UniCredit (CRDI.MI) after its board fell out with his predecessor, Jean Pierre Mustier, over strategy. "I have heard your concerns about the complexity of our business ... I have felt your frustration ab...
May 12 2021, 3:45 PM May 12 2021, 12:37 PM May 12 2021, 3:45 PM (Bloomberg) -- UniCredit SpA Chief Executive Officer Andrea Orcel drastically reduced the ranks of top management and cut back on co-head structures to simplify decision-making as part of his first major changes since taking over. (Bloomberg) -- UniCredit SpA Chief Executive Officer Andrea Orcel drastically reduced the ranks of top management and cut back on co-head structures to simplify decision-making as part of his first major changes since taking over. In a bid to increase accountability, Orcel set up a new group executive c...