Strategy

Unicredit To Slash Private Banking Jobs In Luxembourg By Half

Wendy Spires Group Deputy Editor London 4 November 2010

Unicredit To Slash Private Banking Jobs In Luxembourg By Half

The Italian bank Unicredit is set to slash half the jobs at its Luxembourg operation as a result of selling the majority of its private banking activities in the country to DZ Private Bank Luxembourg, News 352 reports.

The cuts amount to 77 jobs. It was originally estimated that 88 jobs would be lost, however, according to the publication. It is thought that the bank hopes to save some of the jobs by altering employees’ roles and transferring them to other departments.

Unicredit sold 67 private client accounts to DZ Private Bank Luxembourg, the report said.

The job losses come after a time of significant upheaval at Unicredit, which is undergoing a major reorganisation; the group’s former chief executive, Alessandro Profumo, resigned in September amid a power struggle with the shareholders of the regional Italian banks which were combined to form the UniCredit group.

It was reported that Profumo objected to plans to appoint a general manager who would oversee him. At the end of October Roberto Nicastro, formerly Unicredit’s deputy CEO, was appointed to the role.

Unicredit had not responded to enquiries from WealthBriefing on the matter at the time of publication.

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