Following CEO Andrea Orcel’s announcement of headcount reductions at the group’s central offices, the Italian bank UniCredit is reorganizing its finance division and reducing staff, according to an internal memo published on Monday.
In a Sunday interview with an Italian daily, Orcel claimed that a company that promoted “excessive controls” artificially increased the number of employees at the bank’s central offices.He told the newspaper Il Messaggero that some workers would receive early retirement packages while others would receive retraining and be placed in “more productive” positions.
The new structure was outlined in an internal memo signed by Finance Chief Stefano Porro, which Reuters obtained on Monday. It merged certain functions and gave some executives new roles in addition to their current positions. Bonifacio Di Francescantonio, the group’s manager, will also be responsible for financial statement and regulatory disclosure-related tasks.
According to the document, Barbara Naef, who oversaw cost management for investment banking at Orcel’s previous employer, UBS, will now be in charge of cost management and control.
According to two individuals who know the situation, the proposed workforce reduction could eliminate at least one-third of the division’s senior positions.Orcel assumed leadership of UniCredit in 2021 following the bank’s restructuring under former CEO Jean Pierre Mustier. Since then, he has maintained stringent cost control measures to increase earnings and rewards for shareholders.
Also Read:
Saudi Aramco has Finished Issuing $6 Billion Worth of Foreign Bonds
