UniCredit Plans Italy and Germany Layoffs

UniCredit, the Italian banking group, is planning workforce cuts in both Germany and Italy that would lead to thousands of staff losing their jobs, the German business newspaper Handelsblatt reported recently on its website. It said the prediction came from "a person privy to the situation" but a UniCredit spokesman had declined comment. Most Unicredit activities in Germany are conducted by its subsidiary HypoVereinsbank. Handelsblatt said cuts in western Europe will match major new hirings in eastern Europe, where UniCredit is the leading bank and banking business is expanding fast.