World Economy

UniCredit to Cut 18,200 Jobs

UniCredit to Cut 18,200 JobsUniCredit to Cut 18,200 Jobs

Italy’s top bank UniCredit announced Wednesday it would cut its staff by 18,200 within two years to save €1.6 billion ($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, AFP reported. 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 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”.