Italian lender UniCredit is planning to slash about 10,000 jobs, in an effort to reduce costs and bolster profitability.
The job cuts, which represent 7% of the bank’s workforce, are expected to affect the bank’s Italy, Germany and Austria operations.
Germany and Austria are expected to see 1,500 redundacies, while 2,700 layoffs have already been announced in Italy.
The initial stage layoffs are expected to focus on streamlining and simplifying the operational structure, and phasing out duplication in compliance and legal issues handling units.
However, the precise number of job cuts are still under discussion and is subject to change, alongside the number of countries involved.