Arab Today, arab today italian bank unicredit reports record €14bn loss
Last Updated : GMT 18:19:32
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Italian bank unicredit reports record €14bn loss

Arab Today, arab today

Arab Today, arab today Italian bank unicredit reports record €14bn loss

Rome - QNA

 Italy’s biggest bank, UniCredit, has reported a record annual loss of 14bn euros (?11.7bn; $19bn) and said it plans to cut 8,500 jobs.The bank, Italy’s biggest by assets, put aside 13.7bn euros to cover losses from bad loans in 2013.UniCredit is trying to take stock of its financial position before European regulators conduct an industry-wide health-check in the coming months.The planned job cuts will see the bank lose about 6% of its workforce by 2018, reported the BBC.The bank’s huge loss, largely due to troubles in Italy and Eastern Europe, was one of the worst suffered by a European bank since the beginning of the financial crisis.

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