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UniCredit Weighs Thousands of Job Cuts in Mustier's New Plan

  • Chief Executive Officer Mustier set to announce plan this year
  • Bank has already been taking steps to boost financial position
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UniCredit Said Considering Thousands of Job Cuts in New Strategic Plan
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UniCredit SpA is considering thousands of job cuts and slashing operating costs as part of a new strategic plan to be unveiled in December, according to people familiar with the matter.

The Italian lender is weighing as many as 10,000 cuts, though final numbers are still under review and may be much lower, the people said, asking not to be identified as the matter is private. The dismissals will involve staff in Italy -- where the company has the largest number of employees -- as well as in other countries, they said. UniCredit may also reduce other operating expenses by as much as 10% in the plan, the people said.