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UniCredit, the latest major EU bank to announce deep overhaul of
operations to boost profits and increase core capital, said on
Wednesday it expected a CET 1 ratio of 12.6 percent in 2018
compared to 10 percent in a previous plan.
Net profit for 2018 is expected at 5.3 billion euros ($5.7
billion), it said, down from 6.6 billion euros envisaged in the
previous plan.
In a statement the bank said it would reduce its workforce by
18,200 people, including 6,000 people through the sale of its
Ukraine business and a joint venture of its Pioneer asset
management operations with Santander <SAN.MC>.
Job cuts will take place both in local and global corporate
centers as well as in commercial banks in Italy, Germany,
Austria and Central and Eastern Europe, the lender said.
(Reporting by Silvia Aloisi, editing by Stephen Jewkes)
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