Italian bank UniCredit said Tuesday that it set to axe around 8,000 jobs and close around 500 branches in the next few years.
The job losses will be concentrated in Italy, Germany and Austria.
"Cost savings will in part be achieved through further FTE reductions of around 8,000 over the plan period while the ongoing optimisation of the branch network will see additional closures of about 500 at a Group level between 2019 and 2023," the Italian bank said in a statement on its new industrial plan.
Union sources said that 5,500-6,000 of the job losses and 450 of the branch closures will be in Italy. Photo: UniCredit CEO Jean Pierre Mustier.
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