UNCFF - Italy's UniCredit plans 3000 job cuts shifting focus to growth - Bloomberg

UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) stock gains 4.5% after a report that the Italian lender plans to cut about 3,000 jobs, mostly at its corporate center, in an effort to reduce duplication and bureaucracy. Final numbers are still being reviewed, Bloomberg reports, citing people with knowledge of the plan. UniCredit (OTCPK:UNCFF) CEO Andrea Orcel is focusing on the bank's profitable businesses in an effort to move away from an era of restructuring and into growth, Bloomberg said. In Italy, the cuts will be on a voluntary basis and those leaving will get early retirement and social support benefits. Several hundred positions will be eliminated at UniCredit's (OTCPK:UNCFF) international hubs from New York to Tokyo, the people told Bloomberg. It's aiming to centralize its trading activities in Milan, while Treasury will be divided between the Italian finance center and Munich. Orcel, formerly a UBS Group (NYSE:UBS) investment banker, took over as the bank's CEO earlier this

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Italy's UniCredit plans 3,000 job cuts, shifting focus to growth - Bloomberg