Full confidence of Unicredit in the vice president Fabrizio Palenzona and in the chief risk officer Massimiliano Fossati and case closed. Thus the extraordinary board of directors of the bank led by Federico Ghizzoni resolved the thorny Bulgarella affair after the Court of Review of Florence exonerated the Unicredit managers of financial crimes and aiding and abetting the mafia.
The board of directors, after having listened to and read the defense briefs of Palenzona and Fossati, agreed on their correctness, confirmed them in their positions and closed the case with a sigh of relief.
Now the Unicredit top management can concentrate on the expected industrial plan of 11 November which will bring about 12 redundancies, of which 4 in Italy, as well as in Germany and Austria. But the main obstacle was that of the reputation that yesterday's case closes early. Now we just need to convince the markets that the capital increase is not around the corner.
