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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hot stock: DBS hits all-time high on record Q1 net profit
Japanese companies struggle with yen’s continued weakness
Singapore stocks open stronger on Thursday; STI up 0.5%
Gold prices drift higher as Fed stands pat on key interest rate
US to probe GoPro claims Chinese firm violated its patents
Asia’s retail investors hunt for fabled crypto riches