UniCredit to cut staff numbers in central finance division to reduce costs

Italian bank UniCredit (CRDI.MI), opens new tab is reorganising its finance division and cutting staff numbers, an internal memo showed on Monday, after CEO Andrea Orcel announced headcount reductions at the group’s central offices.

In an interview with an Italian daily on Sunday, Orcel said the number of staff in the bank’s central offices had been inflated by an organisation that fostered “excessive controls”.

Some employees will be offered early retirement packages, while others would be retrained and moved to “more productive” roles, he told Il Messaggero newspaper.

Source: REUTER