Unicredit German unit to take significant portion of job cuts under new plan – source

A UniCredit brand is seen in downtown Rome, Could 10, 2016. REUTERS/Tony Gentile/File Photograph

MILAN, Dec 3 (Reuters) – UniCredit’s (CRDI.MI) German arm is about to take a good portion of the round 3,000 voluntary redundancies anticipated underneath the Italian financial institution’s new marketing strategy, an individual near the matter stated.

Bloomberg Information reported earlier on Friday half of the anticipated job cuts would hit the group’s German operations.

UniCredit will unveil a brand new marketing strategy on Dec. 9.

Sources conversant in matter stated on Wednesday Italy’s second greatest financial institution is contemplating slicing round 3.4% of its workforce by means of voluntary departures underneath the brand new strategic plan.

Germany accounted for 16% of Unicredit’s whole workers as of September 30.

UniCredit has authorised 22,000 job cuts since 2016 underneath two earlier plans with Italy, which account for 44% of the workforce, taking the majority of the layoffs given its relative weight throughout the group.

Reporting by Valentina Za, Enhancing by Louise Heavens

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