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Italy’s biggest bank is trying a €13-billion fix for its bad debt problem





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, Italy’s 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 read more >>>

Source:: BusinessInsider.Com

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