UniCredit Cuts Jobs and Seeks $10.3bn Euros
Italian bank UniCredit is to ask shareholders for 7.5 billion euros in new capital, cut 6,150 jobs worldwide and retreat from key business areas in a bid to repair its ravaged balance sheet and return to profit. Italy is facing some tough financial challenges - so it seems is its largest bank. Profits at UniCredit have all but evaporated and capital has shrunk to dangerous levels. The bank made third quarter losses of 10.6 billion euros.