New Amazon lease for NY space renews debate over failed dealUpdated: 12/07/2019 7:24 PMNEW YORK (AP) — Amazon has signed a lease for a new office space in Manhattan that will house more than 1,500 employees, less than a year after pullin...
Reddit bans accounts, suspects possible UK vote interferenceUpdated: 12/07/2019 12:01 PMLONDON (AP) — The prospect of Russian interference in Britain's election flared anew Saturday after the social media platform Reddit concluded that pe...
Nobel laureate: Face up to climate change, no escaping EarthUpdated: 12/07/2019 11:12 AMSTOCKHOLM (AP) — An astronomer who shares this year's Nobel physics prize for discovering a planet outside the Earth's solar system is taking issue wi...
Q&A: Does a manufacturing slump threaten the US economy?Updated: 12/07/2019 10:52 AMWASHINGTON (AP) — Defying fears and predictions, the U.S. economy is still shrugging off President Donald Trump’s trade conflicts. Employers added a s...
PG&E says it has reached $13.5 billion wildfire settlementUpdated: 12/07/2019 1:16 AMLOS ANGELES (AP) — Pacific Gas and Electric announced Friday it has reached a tentative $13.5 billion settlement resolving all major claims related to...
Elon Musk cleared of defamation in 'pedo guy' tweet trialUpdated: 12/06/2019 10:02 PMLOS ANGELES (AP) — Elon Musk defeated defamation allegations Friday from a British cave explorer who claimed he was branded a pedophile when the Tesla...
Bipartisan Medicare drug bill gets makeover to lower copaysUpdated: 12/06/2019 9:10 PMWASHINGTON (AP) — A bipartisan Senate bill to curb prescription drug costs for Medicare recipients got a makeover Friday to lower copays and make it e...
FAA seeks to fine Boeing $3.9 million for faulty jet partsUpdated: 12/06/2019 6:38 PMSafety regulators want to fine Boeing $3.9 million, saying that the company installed wing parts on 133 planes even though it knew the parts were faul...
Supreme Court temporarily shields Trump bank recordsUpdated: 12/06/2019 6:22 PMWASHINGTON (AP) — The Supreme Court on Friday temporarily shielded the bank records of President Donald Trump and three of his children from House Dem...
US firms keep hiring, easing worries of weakening economyUpdated: 12/06/2019 5:45 PMWASHINGTON (AP) — American businesses have complained for years that they can’t find the workers they need to fill available jobs. November’s robust h...
|Last Update: 9:40 AM ET 12/03/2019|
|Italian bank UniCredit to cut 8,000 jobs by 2023|
By COLLEEN BARRY
MILAN (AP) - Italian bank UniCredit on Tuesday announced 8,000 job cuts under a three-year plan that aims to significantly increase shareholder value.
The bank, Italy - s largest by assets, said that its net profit will grow to 5 billion euros ($5.5 billion) by 2023, from a forecast 4.7 billion euros in 2019, with earnings per share rising 12% per year.
The bank also plans to return 8 billion euros to shareholders through share buybacks - which will reduce its market exposure and increase the value of shares traded - and through dividends, which will increase by 40% in the period.
CEO Jean Pierre Mustier said the plan would increase stakeholder value by 16 billion euros.
Shares in the bank were trading up 0.02% at 12.37 euros, after an initial boost of nearly 1% on opening.
UniCredit aims to close 500 branches, putting the customer focus on - streamlined processes and innovative products, - it said.
That will include migrating customers toward digital banking channels, including mobile, while it seeks to grow both private banking and wealth management. The bank intends to increase online banking from 45% of customers to more than 60% by 2023.
While UniCredit said the job cuts and branch closures would be spread between Italy, Germany, and Austria, most will happen in Italy.
More than three quarters of the restructuring costs will be applied to Italy, and the news agency ANSA quoted unions as saying that as many as 6,000 of the job cuts and 450 of the branch closures will be in Italy.
European lawmaker Fulvio Martusciello said he would seek a meeting between Mustier and members of the EU economic commission to discuss the impact on Italy.
- Job losses in Germany and Austria will be negligible, while in Italy ... those who lose their jobs will have a hard time finding another post, - - Martusciello said in a statement.
Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.