Unicredit , the largest Italian bank by capitalization, will close 500 offices in Europe and abolish 8,000 jobs in the next four years. This was announced by the transalpine entity in a statement in which it has advanced its new industrial plan with which it intends to achieve a profit of 5,000 million euros and offer better conditions to investors.

The new industrial plan of the bank aims to reduce its costs by 1,000 million euros to 10,200 million in 2023, which implies an average annual adjustment of 0.2% between 2018 and 2019, and a reduction in the volume of doubtful loans below 20,000 million euros compared to the almost 60,000 million accounted for in 2015.

In this sense, the strategic plan includes a cut of approximately 8,000 jobs, approximately 12% of the personnel, which will affect its subsidiaries in Italy, Germany and Austria , where some 500 offices will be closed, around 17% of the total. A new varapalo for workers of the financial entity that in recent years has closed a quarter of its branches and reduced a fifth of its workforce.

Jean Pierre Mustier , CEO of Unicredit, said on Tuesday that the bank's new roadmap aims to " maximize value creation for stakeholders, including a focus on customer satisfaction through process simplification. and innovative products, as well as greater returns to shareholders. "

With these measures, the main Italian financial institution estimates a net profit of 4,300 million euros in 2020, which will reach 5,000 million euros in 2023. At the same time, the new strategic plan anticipates "a greater return to shareholders" that will reach 16,000 million in total, and includes the distribution of 6,000 million dividends and the repurchase of treasury shares worth 2,000 million.

On the other hand, the Italian entity will assume a negative impact of about 1,400 million euros in relation to its adjustment measures, which will be accounted for between the years 2019 and 2020. The plan has been announced at a time when Italy is going through A phase of economic stagnation . The Italian National Statistics Institute (Istat) confirmed last week that the Italian economy grew 0.3% in the third quarter in year-on-year terms and 0.1% compared to the previous quarter, while unemployment stands at around 10 %.

According to the criteria of The Trust Project

Know more

  • Italy

BancaBankia, at the political crossroads: the chimera of a public bank

Economy The Bank of Spain increases the bailout to the bank to 65,725 million and gives up another 300 million in Bankia

BANCABanco Santander completes the ERE with 3,030 voluntary adhesions