Italy’s biggest bank, UniCredit, announced plans Tuesday to slash 14,000 jobs and raise billions of euros in fresh capital as the country gets to grips with political instability and a banking crisis.
The bank, one of the worst performers in European bank stress tests, confirmed it would need to seek 13 billion euros ($13.8 bn) in fresh capital from investors despite political complications in Italy and the nation’s third-largest bank scrambling to avoid a government-led rescue.