{"id":1602,"date":"2019-12-05T13:12:10","date_gmt":"2019-12-05T13:12:10","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2019\/12\/05\/italian-bank-unicredit-to-cut-8000-jobs-by-2023\/"},"modified":"2019-12-05T13:12:10","modified_gmt":"2019-12-05T13:12:10","slug":"italian-bank-unicredit-to-cut-8000-jobs-by-2023","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2019\/12\/05\/italian-bank-unicredit-to-cut-8000-jobs-by-2023\/","title":{"rendered":"Italian bank UniCredit to cut 8,000 jobs by 2023"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-1783552\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/12\/1-129.jpg\" alt=\"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.\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/1-129.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"size-full wp-image-1783552\" src=\"https:\/\/images.financialexpress.com\/2019\/12\/1-129.jpg\" alt=\"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.\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/1-129.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/1-129-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">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.<\/span><\/figure>\n<\/div>\n<p>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\u2019s 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.<\/p>\n<p>The bank also plans to return 8 billion euros to shareholders through share buybacks \u2013 which will reduce its market exposure and increase the value of shares traded \u2013 and through dividends, which will increase by 40 per cent in the period.<\/p>\n<p>CEO Jean Pierre Mustier said the plan would increase stakeholder value by 16 billion euros.<\/p>\n<p>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.<\/p>\n<p>UniCredit aims to close 500 branches, putting the customer focus on \u201cstreamlined processes and innovative products,\u201d it said.<\/p>\n<p>That will include migrating customers toward digital banking channels, including mobile, while it seeks to grow both private banking and wealth management.<\/p>\n<p>The bank intends to increase online banking from 45 per cent of customers to more than 60 per cent by 2023.<\/p>\n<p>While UniCredit said the job cuts and branch closures would be spread between Italy, Germany, and Austria, most will happen in Italy.<\/p>\n<p>More than three quarters of the restructuring costs will be applied to Italy, and the news agency ANSA quoted unions as saying that as many as 6,000 of the job cuts and 450 of the branch closures will be in Italy.<\/p>\n<p>European lawmaker Fulvio Martusciello said he would seek a meeting between Mustier and members of the EU economic commission to discuss the impact on Italy.<\/p>\n<p>\u201cJob losses in Germany and Austria will be negligible, while in Italy \u2026 those who lose their jobs will have a hard time finding another post,\u201d Martusciello said in a statement.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] 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. 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\u2019s largest by assets, said that its net [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":1603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=1602"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/1602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/1603"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=1602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=1602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=1602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}