UniCredit will cut staff by 18.2 thousand people by 2018

Moscow. November 11.Italian banking group UniCredit plans to cut the number of jobs by approximately 18.2 thousand by 2018 as part of measures to cut costs, according to a press release.

As a result, the state will decrease by 14% relative to 2014, including about 6 million people will shrink in the Ukrainian Bank of the UniCredit group and the joint venture Pioneer Investments and Santander Asset Management. Layoffs also affect the group’s banks in Italy, Germany and Austria the decline in the number of branches by about 800.

As a result of the measures taken in the year 2018, the number of employees will amount to approximately 111 thousand, the report says.

Furthermore, UniCredit intends to exit or restructure the business with weakness, for example, a retail Bank in Austria and leasing division in Italy.

The group’s net profit in the third quarter decreased by 29.8% compared to the same period last year and amounted to 507 million Euro. Revenue fell 4.1% to 5.3 billion euros. The costs increased by 1.6% and reached 3.4 billion euros, according to a published in the reporting environment.

For the first nine months of this year, net profit decreased by 16.1% to € 1.5 billion, revenue – by 0.8%, amounting to 16.8 billion euros. Total costs increased by 1.6% compared to January-September of last year to 10.2 billion euros.