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TheStreet Open House

20 Banks Slashing Jobs in 2011

Stocks in this article: CMFBACCSDBUBSBKRBSHBCBCSLYGGSSTTMSWFC

UniCredit

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.

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