Italian bank UniCredit (UCG.MI) said on Monday, Nov. 14 that its workforce will reduce by 6,150 jobs between now and 2015 as it scales back its investment banking operation, shrinks its eastern Europe operations and raises capital.
The bank sees job cuts of around 7,290 in Western Europe while it expects to add some 1,135 jobs at its businesses in Central and Eastern Europe, according to a Reuters report. The bank will fire 5,200 employees in Italy.
Local press reports quote the CEO as saying the bank is not a takeover target, given that it is already a SIFI- a bank that is too big to fail- and that there is no desire to create bigger entities.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV