Internal restructuring
Location of affected unit(s)
Italy, Austria, Ukraine
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

12,200 - 18,200 jobs
Number of planned job losses
Job loss
Announcement Date
14 December 2015
Employment effect (start)
1 January 2016
Foreseen end date
1 January 2018


The largest Italian bank UniCredit has announced it aims to cut 18,200 jobs by 2018 in the framework of a €1.6 billion cost saving programme. The bank declared losses of €10.64 billion in the third quarter of 2015. Its aim is to cut 12,200 positions (including 6,900 in Italy) and to sell activities that currently employ 6,000 employees. These 6,000 job cuts are related to the sale of the bank’s Ukraine business and a stake in its Pioneer asset management joint venture with Santander. The main targets of its new Strategic plan are "exit or restructuring of poorly performing businesses such as retail banking in Austria and leasing in Italy, on top of the ongoing rundown of the Non Core Division", a "strong focus on new digital agenda" to accelerate the "Group's retail and corporate multi-channel transformation" and to become "a simpler and more integrated Group ".


  • 11 November 2015: Financial Times
  • 14 December 2015: Company press release


Eurofound (2015), Unicredit, Internal restructuring in World, factsheet number 86022, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86022.