Italy’s Largest Bank Laying Off 14,000, Raising €13 Billion In Business Overhaul

Tuesday, December 13, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
Dec 13, 2016

UniCredit announced a major business overhaul, planning to raise €13 billion in capital to return the largest Italian bank to profitability, hoping that a balance-sheet cleanup and cost cuts will persuade investors that Italy’s biggest bank can restore profitability. As part of the three-year strategy, the bank plans to shed an additional 6,500 jobs, bringing the total to 14,000.

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