UniCredit to cut 6000 jobs in Italy

UniCredit to cut 6000 jobs in Italy

UniCredit has confirmed plans to lose 450 branches and cut 6000 jobs in Italy over the next three years.

In December, the Italian lender announced plans to cut 8000 jobs and close 500 branches over the next three years as part of a programme to boost shareholder value.

The bank's 'Team 23' programme aims to increase net profit to EUR5 billion by 2023 and enable it to return EUR8 billion to shareholders through buybacks.

To help achieve this, there will be major job cuts and branch closures in Italy, as well as some in Germany and Austria.

In a letter to unions, a copy of which was seen by Reuters, the bank said that there would be 5,500 cuts in Italy under the new plan, plus a further 500 that it has yet to deliver under its previous plan to 2019.

Meanwhile UniCredit has set a target of increasing the percentage of customers that bank digitally from 45% to 60%.

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