UniCredit: to cut around 8,000 jobs in strategic plan
(CercleFinance.com) - UniCredit is planning to cut around 8,000 full-time jobs, or close to 10% of its total workforce, as part of its 2020-2023 strategic plan whose details have been presented to analysts and investors at a Capital Markets Day in London today.
The new plan will generate "significant value" for shareholders, the Italian lender said, which aims at total returns of 16 billion euros over the period, comprising 6 billion euros in cash dividends and share buybacks of 2 billion euros.
In addition, the proposed capital distribution for 2019 will be increased to 40% of underlying net profit, UniCredit said.
Under the new plan, total costs will reach 10.2 billion euros in 2023.
Operating costs have already been reduced from 12.2 billion euros in 2015 to 10.1 billion euros in 2019.
The UniCredit shares were up 1.4% in Milan after these announcements.
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