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Italy's biggest bank to slash 14,000 jobs
Italy's biggest bank plans to raise €13 billion ($13.8 billion) and slash thousands of jobs to shore up its finances. The sweeping overhaul announced Tuesday by UniCredit SpA will push the total number of expected job losses at the Milan-based bank to 14,000 by 2019. That's about 10% of its employees. The job cuts will reduce costs by €1.1 billion ($1.2 billion). The bank plans to move €17.7 billion in bad loans off its balance sheet by packaging them and selling them to investors. And it will take a charge of €12.2 billion in the fourth quarter. Unicredit (UNCFF) also sold a number of businesses as part of ... (full story)
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