Equipment Finance News UniCredit focuses on “data, not dates” as it plans recovery from Coronavirus crisis Published: 11th June 2020 Share Decisive action in the first days of the Coronavirus outbreak in Italy has left the country’s largest bank by assets well placed for recovery, its chief executive officer has said. Jean Pierre Mustier praised the efforts of the workforce in responding to the crisis and for continuing to serve customers, while he vowed to put safety first as lockdown restrictions are eased. He said: “Thanks to the unfailing commitment of all team members, we have continued to serve our clients and the economies where we are present. “I want to express my sincere gratitude to all my colleagues and to reassure them that, as the lockdown starts to ease across our markets, we will base our decisions as to how proceed on data, not dates.” Mustier added that the bank is well positioned to meet future challenges, thanks to a focused business model and its fundamental strengths. However, the crisis is likely to delay some aspects of a strategic overhaul at the bank, according to the Financial Times. The bank incurred a net loss of €2.7 billion in the first quarter of 2020, compared to a net profit of €1.2 billion for the same period in 2019, with costs including more than €1 billion for restructuring linked to reducing headcount and the branch network. Earlier this year, UniCredit reached agreement with Italian trade unions to cut 5,200 jobs in the next four years, through a voluntary pre-retirement plan, on condition that the bank invested in reskilling staff and also hiring 2,600 new employees for “positive generational turnover”. In addition, UniCredit will convert 900 apprenticeships into standard employment contracts to increase job security. At the height of the pandemic, UniCredit’s top management waived their entire bonus for 2020, instead donating an equivalent amount to the UniCredit Foundation to support social initiatives to help communities recover from the pandemic. Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsFoundation report reveals challenges in US construction industry NewsCHG-MERIDIAN establishes ISO-certified management systems throughout Europe NewsLondon electric taxi firm secures £1.6m to drive further growth Equipment Finance
