© Reuters. FILE PHOTO: A UniCredit logo is seen in downtown Rome, May 10, 2016. REUTERS/Tony Gentile/File Photo

MILAN (Reuters) – UniCredit’s German arm is set to take a significant portion of the around 3,000 voluntary redundancies expected under the Italian bank’s new business plan, a person close to the matter said.

Bloomberg News reported earlier on Friday half of the expected job cuts would hit the group’s German operations.

UniCredit will unveil a new business plan on Dec. 9.

Sources familiar with matter said on Wednesday Italy’s second biggest bank is considering cutting around 3.4% of its workforce through voluntary departures under the new strategic plan.

Germany accounted for 16% of Unicredit (MI:)’s total employees as of September 30.

UniCredit has approved 22,000 job cuts since 2016 under two previous plans with Italy, which account for 44% of the workforce, taking the bulk of the layoffs given its relative weight within the group.

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Source: Investor


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