UniCredit focuses on “data, not dates” as it plans recovery from Coronavirus crisis

Mustier Jean Pierre 400

Crucial measures in the first days of the Italian Coronavirus outbreak have left the country's largest bank for assets well positioned for a recovery, the chief executive officer said.

Jean Pierre Mustier praised the efforts of the workforce to respond to the crisis and continue to serve customers, while promising to put safety first as the restrictions on restrictions are relaxed.

He said: “Thanks to the tireless commitment of all team members, we have continued to serve our customers and the economies in which we operate.

"I would like to express my sincere thanks to all of my colleagues and assure them that when the blockade in our markets begins to ease, we will base our decisions on how we do it on data, not data."

Mustier added that thanks to a focused business model and its fundamental strengths, the bank is well positioned to meet future challenges.

However, according to the Financial Times, the crisis is likely to delay some aspects of a strategic revision of the bank.

The bank suffered a net loss of EUR 2.7 billion in the first quarter of 2020, compared to a net profit of EUR 1.2 billion in the same period in 2019. The cost was more than EUR 1 billion for restructuring related the downsizing of employees and the branch network.

At the beginning of this year, UniCredit agreed with the Italian unions to cut 5,200 jobs as part of a voluntary early retirement plan over the next four years, provided the bank invested in staff retraining and hired 2,600 new employees for a "positive generation change". .

In addition, UniCredit will convert 900 apprenticeships into standard employment contracts to increase job security.

At the height of the pandemic, UniCredit's top management waived the full 2020 bonus and instead donated a corresponding amount to the UniCredit Foundation to support social initiatives that help communities recover from the pandemic.

(tagsToTranslate) UniCredit (t) Finance and Coronavirus (t) Italy and Coronavirus (t) Future of Italian Finance (t) Italy and Wealth Finance (t) Wealth Finance Italy

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