Italian bank UniCredit to cut 8,000 jobs by 2023

MILAN (AP) — Italian bank UniCredit plans to reduce 8,000 jobs under a three-year plan that aims to increase shareholder value.

The bank, Italy’s largest by assets, said Tuesday that the bank’s net profit will grow to 5 billion euros ($5.5 billion) by 2023, from a forecast 4.7 billion euros in 2019, with earnings per share rising 12% per year.

The bank also plans to return 8 billion euros in value to shareholders through share buybacks, which will reduce its market exposure and increase the value of shares traded, and dividends, which will increase by 40% in the period.

CEO Jean Pierre Mustier said that the plan would increase stakeholder value by 16 billion euros.

UniCredit aims to close 500 branches, putting the customer focus on “streamlined processes and innovative products,” it said.