UniCredit to slash jobs, raise 13b euros in fresh capital

Milan

ITALY'S biggest bank, UniCredit, announced plans on Tuesday to slash 14,000 jobs and raise billions of euros in fresh capital as fears of a banking and political crisis grip the country.

The bank, one of the worst performers in European bank stress tests, confirmed that it would need to seek 13 billion euros (S$19.7 billion) in fresh capital from investors despite political instability in Italy and the nation's third-largest bank scrambling to avoid a government-led rescue.

UniCredit also said that it would shelve around 14,000 jobs by the end of 2019 as part of a …