The bank, due to issue first-half results tomorrow, revealed the changes in an internal memo, the report said.

The private banking head at Italian group UniCredit, Stefano Vecchi, has left the bank amid a restructuring of the organisation, Reuters reported yesterday. 

The departure comes amid changes under group chief executive Andrea Orcel, according to an internal memo seen by the newswire. WealthBriefing has asked UniCredit for comment and may update in due course. It had not received a comment at the time of going to press.

Since taking over as CEO in April 2021, Orcel has been reorganising the group, creating in particular a specific division for Italy, which previous CEO Jean Pierre Mustier had grouped under the Western Europe commercial banking area. Earlier in July Orcel took direct responsibility for the domestic business as the board removed Italy head Niccolo Ubertalli after little more than a year in the job.

"Following the recent changes to UniCredit Italy's leadership ... we are making some adjustments to Italy’s organisational structure," Orcel and his deputy for Italy, Remo Taricani, said in the memo to staff, the report said.

“These changes are the next step in our simplification journey. They will give you greater clarity and accountability, they will reduce complexity and ambiguity, and remove unnecessary silos."

The memo said the private banking business that Vecchi had been leading since October would be run within each of the seven geographical areas that make up UniCredit's Italian operations.

The bank is due to report first-half results tomorrow.