UniCredit Posts Record Loss, Plans 8,500 Job Cuts
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UniCredit SpA, Italy’s biggest bank, posted a record 15 billion-euro ($20.8 billion) fourth-quarter loss as it set aside money for bad loans and wrote down goodwill from acquisitions. It plans to cut 8,500 jobs.
Provisions for doubtful loans soared to 9.3 billion euros in the quarter, more than double the year-ago level, while impairments, including those on the goodwill of units in Italy, central and eastern Europe and Austria, amounted to more than 9 billion euros, the Milan-based lender said today.