UniCredit, which is in the throes of a €13bn capital hike, confirmed it has signed agreements with trade unions to cover all 14,000 planned redundancies in the group as part of an aggressive restructuring by new chief executive Jean-Pierre Mustier.
The bank, Italy’s only globally significant financial institution, confirmed it made a net loss of €13.6bn in the fourth quarter as took €13.2bn of one-off charges. These included writedowns related to the sale of €18bn of bad loans.
Revenues fell 10.6 per cent year on year to €4.2bn with trading income only partially offsetting a slowdown in core revenues from net interest income and fees and commissions mainly due to a subdued interest rate environment and lower financing services fees.
Its CET1 fully loaded ratio, a key measure of balance sheet strength, came in at 7.54 per cent, missing ECB targets.
UniCredit said its capital hike, which is fully underwritten by a consortium of investment banks, will close before March 10.
Get alerts on UniCredit SpA when a new story is published