UniCredit CEO Shakes Up Organization With New Structure
By Pietro Lombardi
UniCredit SpA's new chief executive officer Andrea Orcel is
moving quickly to set a different course for the bank and, having
said just a few days after his appointment that he was open to
merger and acquisition activity, is now changing the organizational
structure of the bank.
The Italian lender said Wednesday that it is launching a new,
streamlined organization and management team, which will deliver
the new strategic plan in the second part of the year. The new
structure gives technology and digitalization a key role, creating
a new digital division.
Under the plan, the bank is creating a CEO office, which will be
responsible for strategy and optimization. It also set up a group
executive committee of 15 people, which replaces the 27-strong
executive management committee.
Among the changes, the new organization gives more
responsibility to regional CEOs, makes its Italian home market a
standalone geography and rejigs the corporate and investment bank
business, positioning it across geographies.
"When I began as CEO of UniCredit, I promised that one of my
first priorities would be to reduce complexity and simplify
UniCredit's structure," Mr. Orcel said.
"Today, you can see the first steps in delivering on that
promise: streamlining our business, clarifying key roles, and
improving accountability so that we can better deliver for all our
stakeholders," he said.
Last week, the CEO said that it was time for the bank to move
from a period of restructuring to one of growth, which may include
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(END) Dow Jones Newswires
May 12, 2021 02:57 ET (06:57 GMT)
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