• Gianni Franco Papa may be appointed sole general manager
  • Deputy general managers Natale and Fiorentino may leave

UniCredit SpA Chief Executive Officer Jean Pierre Mustier is shuffling senior ranks at Italy’s largest bank, elevating Gianni Franco Papa to the role of sole general manager, people with knowledge of the shakeup said.

Papa, one of three deputy general managers who runs the corporate and investment banking division, may be appointed to the new position at a special board meeting Tuesday morning, the people said, asking to not be identified because the plan is not public yet. His two colleagues, Marina Natale and Paolo Fiorentino, may leave the company as part of the changes to be discussed at the meeting, the people said.

The bank declined to comment. Natale and Fiorentino didn’t immediately return phone calls and text messages seeking confirmation.

Mustier, a 55-year-old Frenchman who took over as chief executive officer on July 12, is seeking to cut costs and simplify the bank’s structure to strengthen capital and profitability. In his first week on the job, he sold 10 percent of Poland’s Bank Pekao SA and a further 10 percent of online lender FinecoBank SpA, raising more than $1 billion.

Other top executives may leave the bank as part of the management changes, which will probably involve human resources, risk and legal divisions, one of the people said. The reshuffle was earlier reported by Il Sole 24 Ore.

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