Bank Austria parent UniCredit is planning to cut staff in international branches such as New York and Tokyo. With this, CEO Andrea Orcel wants to simplify the structure of the bank and concentrate on the headquarters in Milan, media reported.
The bank will move the deposit and lending business, which is currently handled by representative offices in London, Mumbai, Singapore, Beijing, Tokyo, Shanghai and Hong Kong, with the exception of New York to key countries in Europe, Bloomberg news agency reported, citing informed people . A considerable number of the approximately 700 jobs in the international branches are to be cut and some employees are to be relocated.
UniCredit will present its new development plan on December 9th. The bank plans to centralize its activities in Milan, it said. It is also downsizing in the UK and moving most of its London business to Milan. UniCredit is also considering moving some positions from Munich to its Italian headquarters, it said.
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