UniCredit Fails to Impress as Lower Rates Weigh on Outlook

UniCredit SpA failed to impress investors with a pledge to return more money over the coming years as Chief Executive Officer Andrea Orcel pursues takeovers in Italy and Germany.

Shares of the lender fell the most in a month after UniCredit on Tuesday cautioned that lower interest rates and the wind-down of its business in Russia mean adjusted profit will stay flat this year. That took the shine off a pledge to return €9 billion to investors on last year’s earnings, and raise annual payouts over the next three years.