UniCredit SpA said deputy General Manager Paolo Fiorentino will remain with the bank after newspapers reported that the executive planned to leave within days.
Fiorentino “has decided to continue his commitment in the group,” UniCredit said in a statement on Tuesday. Chairman Giuseppe Vita and Chief Executive Officer Federico Ghizzoni communicated the news to top managers in a meeting in Milan, the bank said.
Il Sole 24 Ore reported on Nov. 13 that Fiorentino was exiting Italy’s biggest bank after having accepted a job with an unnamed foreign financial institution. UniCredit in August undertook the biggest management overhaul in five years, which led to the exit of General Manager Roberto Nicastro and Chief Risk Officer Alessandro Decio. Ghizzoni last week set new goals for the firm, cutting the profit target and jobs as he revamped the bank’s strategy a year into the plans.