The FINANCIAL — Italian banking giant UniCredit said it plans to reduce costs by eliminating 18,200 full time employees by 2018 and also through a reduction in operating expenses of 1.6 billion euros, according to Nasdaq.
The company plans to sell its Ukraine and Pioneer joint venture as well as exit or restructure poorly performing assets, such as retail banking in Austria and leasing in Italy, on top of the ongoing rundown of the non core division, by end 2016.
The company’s board of directors at its meeting on November 11th, 2015 resolved to set out a new strategic plan outlining the business direction, structure and organization of UniCredit to ensure sustainable return to shareholders.
For fiscal 2018, UniCredit projects net profit of 5.3 billion euros, with core bank net profit of 6.3 billion euros.
Discussion about this post