ROME (Sputnik) — The cuts will be made within the framework of UniCredit's new financial plan by 2018. According to the plan, targeted cost savings of 1.6 billion euros ($1.7 billion) will be achieved through the reduction of both staff and other administrative expenses.
Some 6,000 jobs will be shed in Ukraine as UniCredit sells its Ukraine unit. The rest of the reductions will affect UniCredit's divisions in Italy, Germany and Austria, bringing that the group's total global workforce to 111,000 by 2018.
UniCredit is a leading European commercial bank with an international network spanning 50 markets, with more than 7,000 branches and 126,000 employees as of the third quarter of 2015. A subsidiary bank of the credit institution operates in Russia.
