The countdown has started for the presentation of the new one Unicredit industrial planThe appointment is set for Wednesday 9 December in Milan and it is in that context that the reduction of 3.000 people in the workforce out of 87.000 employees will be announced, all exits based on voluntary choices. At the moment we are talking about advances on the new plan that the CEO Andrea Orcel will present and that the bank did not want to comment on, but the setting seems to be this for now. Naturally not all the redundancies are in Italy (36.200 employees currently) and the definitive number will in any case be agreed with the unions in the individual countries in which Unicredit operates.
The new departures are added to those already expensed (3.900) with the previous plan and are part of a simplification process that will concern central management, with the aim of reducing duplication and bureaucracy and at the same time strengthening the network. The numbers, in any case, are not definitive and may be accompanied by the hiring of young people. In the recent agreements signed on the subject in Italy, moreover, the banking institutions have always foreseen entries in the ratio of at least one for every two exits.
The other pillars of Orcel's strategy will be organic growth, capital optimization, profitability recovery, a strong push on digital. The CEO has already streamlined the first line of management to 15 top bankers and has restored centrality to Italy, where from 13 December a broad reorganization of the commercial network will begin, with business in the country entrusted to Niccolò Ubertalli. The balance sheet cleaning has also started with the sale announced a few days ago 2,2 billion euros of Npl.
On the other hand, the banking risk is on standby after Andrea Orcel formalized the breakdown of the negotiations on Banca Mps.
