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