UniCredit to Reduce Europe Offices by Half as Bank Slashes Costs
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UniCredit SpA, Italy’s biggest bank, plans to cut the number of its corporate offices by about half in the next few years, saving 50 million euros ($67 million) a year starting in 2015.
“We want to reduce the space used by the bank’s network,” Paolo Gencarelli, head of UniCredit’s real estate unit, said in an interview in his Milan office. The lender will reduce its main offices to 75 from 160 by closing rental contracts and selling some of its own property, Gencarelli said.