UniCredit lifts shareholder returns, to cut 8,000 staff

This post was originally published on this site


MILAN (Reuters) – Italy’s biggest bank UniCredit (MI:) said on Tuesday it would shed 8,000 jobs to reduce costs by 1 billion euros in Western Europe under a new plan to 2023, while improving returns for shareholders.

The bank, which is struggling to lift its share price despite years of successful restructuring, said it was raising the capital distribution for this year to 40% of its underlying net profit from 30%, thanks to a share buyback.

UniCredit forecast an underlying net profit of 5 billion euros ($5.5 billion) in 2023. UniCredit targets a net income of 4.7 billion euros for this year.

It said revenues would grow on average by 0.8% annually in 2018-2023, while costs were seen falling by 0.2% over the same period.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.