Orcel steps up UniCredit management shake-up

UniCredit bank logo is seen in Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini/File Photo

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…

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