UniCredit To Fire 10,000 As EU Bank Pink Slip Pandemonium Continues

Monday, September 14, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
09/14/2015

Hours ago, it was revealed that Deutsche Bank is set to fire some 23,000 people or around a quarter of its workforce. The move comes as new CEO John Cryan works to cut costs and boost profitability after the bank’s co-CEOs Anshu Jain and Jürgen Fitschen were shown the door as investors became impatient with efforts to boost profitability and as a string of settlements and seemingly endless accusations of malfeasance underscored deep seated problems with the bank’s corporate culture.

Of course as we noted this morning, the layoffs at Deutsche don’t say much for Europe’s economic “recovery” either and may also suggest that far from creating jobs, the persistence of ZIRP has crimped margins forcing banks to make up the difference by getting leaner.

In any event, Deutsche Bank isn’t the only European lender that’s axing people. As tipped by CEO Federico Ghizzoni earlier this month, UniCredit is now set to layoff 10,000 employees across its Italian, Austrian, and German operations. Here’s Reuters:

The Rest…HERE

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