UniCredit is cutting 14,000 jobs and raising 13 billion (£11 billion) in a record share sale as part of a plan to streamline its business and restructure its balance sheet.
The move comes at a pivotal moment for the Italian banking sector, which is weighed down with bad debt and low profitability and buffeted by political instability.
The bank, Italys biggest will make the cuts over two years and will aim to boost its capital ratio a measure of financial strength and pay investors a dividend by 2019.
The lender plans shut down around a quarter of its 3,800 branches, while the 14,000 job losses represent around 11% of the lenders total staff.
Chief executive Jean Pierre Mustier said it was a pragmatic plan based …
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