The largest bank in Italy is shutting down its securities units in Russia and Romania, and is shrinking its business in Turkey and Poland, reports Bloomberg.
The news agency said, citing with the persons familiar with the matter that the bank strategy is to reduce nearly 60 of 80 people working at its equity brokerage in the region, including sales and derivatives.
UniCredit’s corporate and investment-banking chief Jean- Pierre Mustier is supervising the unit to reduce risks and boost profit.
In October 2011, the bank has already closed its equity brokerage in Western Europe, slashing jobs in London and Milan.
UniCredit gets approximately 57% of revenues from overseas operations and manages its banking business in 22 geographies, including Germany, Austria and Poland.
The bank said that running cash equity units in the four countries was very costly affair for it, hence the bank decided to close the aforesaid operations, and the same work will be outsourced.
