Sunday, January 16 2022

MILAN, June 29 (Reuters) – UniCredit (CRDI.MI) is expected to make further leadership changes in the coming weeks as new CEO Andrea Orcel reorganizes Italy’s second-largest bank, said two people familiar with the matter.

In May, less than a month after taking office, Orcel announced a top management overhaul, streamlining a structure designed by his predecessor Jean Pierre Mustier. Read more

Orcel has eliminated the co-heads of the main functions, reduced the number of internal committees from 44 to 15-20 and replaced an executive management committee of 27 senior executives with a committee of 15 members.

The sources said the bank is pursuing a senior staff reshuffle reporting to the group’s 15-person executive committee, which is expected to be announced to staff in the coming weeks.

A UniCredit representative declined to comment.

The former boss of the UBS investment bank has brought in former partners, including Fiona Melrose, former head of strategy at UBS investment bank, who is now in charge of “Strategy and Optimization ”at UniCredit.

Sources told Reuters last week that another former UBS banker, Giacomo Marino, will join Melrose’s team, stepping down from his post at local banking foundation Cariverona, shareholder of UniCredit.

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

He is due to present a new business plan later this year and has said he may consider mergers and acquisitions as a way to accelerate his strategy to increase UniCredit’s profits. Read more

Reporting by Valentina Za and Elisa Anzolin; edited by Jason Neely

Our standards: Thomson Reuters Trust Principles.

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