Sunday 8 December 2019
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business-standard - 5 days ago

Italian bank UniCredit to cut 8,000 jobs by 2023

Italian bank UniCredit on Tuesday announced 8,000 job cuts under a three-year plan that aims to significantly increase shareholder value. The bank, Italy s largest by assets, said that its net profit will grow to 5 billion euros (USD 5.5 billion) by 2023, from a forecast 4.7 billion euros in 2019, with earnings per share rising 12 per cent per year. The bank also plans to return 8 billion euros to shareholders through share buybacks - which will reduce its market exposure and increase the value of shares traded - and through dividends, which will increase by 40 per cent in the period. CEO Jean Pierre Mustier said the plan would increase stakeholder value by 16 billion euros. Shares in the bank were trading up 0.02 per cent at 12.37 euros, after an initial boost of nearly 1 per cent on opening. UniCredit aims to close 500 branches, putting the customer focus on streamlined processes and innovative products, it said. That will include migrating customers toward digital banking ...

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