UniCredit continues management overhaul

MILAN, July 15 (Reuters) – UniCredit (CRDI.MI) announced further senior management changes on Thursday, simplifying its leadership structure as part of the reorganisation of Italy’s second-biggest bank by new Chief Executive Andrea Orcel.

In May, less than a month after taking the job, Orcel announced an overhaul of top management, streamlining a structure designed by predecessor Jean Pierre Mustier. read more

“Today’s announcement is a further step in delivering on our objective to simplify and reduce the complexity that has shaped this business for too long,” Orcel said in a statement.

The move redesigns front-line management for each of the bank’s business areas and regions to “reduce layering and complexities”, the statement said.

“The new reporting lines provide a clean and clear management structure designed to deliver faster execution and decision-making capabilities,” it added.

Orcel arrived in mid-April after UniCredit’s board fell out with his predecessor over strategy.

The bank is struggling with profitability after Mustier, a French investment banker, focused on repairing its balance sheet and replenishing capital reserves while failing to land a mooted cross-border merger.

In Italy, Barbara Tamburini will head the so-called Individuals operation, which includes the Mass Market, Affluent and Private Clients businesses, while Andrea Casini takes charge of the Enterprises operation.

Alfredo De Falco will lead Corporate Investment Banking (CIB) for Italy.

In Germany, Markus Beumer and Jan Kupfer will head the Enterprises and CIB units respectively, while the new head of the Individuals unit will be announced in the near future, UniCredit said.

In Eastern and Central Europe, Pierre Yves Guegan will manage the retail business while Fabio Fornaroli will lead CIB.

The new structure also increases the diversity of the management team, mirroring the larger female presence on the group’s executive committee, now up to 40% from the previous 15%.

Orcel is due to present a new business plan this year and has said he may look at mergers and acquisitions as a way to accelerate his strategy to boost profit.

Reporting by Maria Pia Quaglia
Editing by David Goodman

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