Arab Today, arab today unicredit to cut 18200 jobs by 2018
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

UniCredit to cut 18,200 jobs by 2018

Arab Today, arab today

Arab Today, arab today UniCredit to cut 18,200 jobs by 2018

Italy's top bank UniCredit
Milan - AFP

Italy's top bank UniCredit announced Wednesday it would cut its staff by 18,200 within two years to save 1.6 billion euros ($1.7 billion).

A third of the posts are to go as UniCredit sells off a bank in Ukraine and a joint venture between its Pioneer unit and Santander, the bank said in a statement.

The rest are to be achieved through cuts in Italy, Germany and Austria, leaving the bank with 111,000 employees in 2018.

The bank hopes to achieve a net profit of 5.3 billion euros by then.

UniCredit's chief executive Federico Ghizzoni described the plan as "rigorous and at the same time ambitious... in a persistently tough macroeconomic environment, marked by historically low interest rates and decelerating worldwide economic growth".

He said the bank would focus on "significant cost containment measures and further discontinuity actions" as well as "exiting or restructuring poorly performing businesses".

There would, however, be "considerable investments for the future", including 1.2 billion euros in digital developments.

The cuts involve further reducing the number of bank branches in Italy, Germany and Austria, closing 800 by 2018.

The bank anticipates exiting or restructuring its Austrian retail activities and Italian leasing business by the end of 2016.

UniCredit returned to profit last year after hemorrhaging 14 billion euros in 2013 as it wrote down many of its assets ahead of "stress tests" carried out by the European Central Bank on the heels of the eurozone financial crisis.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today unicredit to cut 18200 jobs by 2018 Arab Today, arab today unicredit to cut 18200 jobs by 2018

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today unicredit to cut 18200 jobs by 2018 Arab Today, arab today unicredit to cut 18200 jobs by 2018

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday