UniCredit's new business plan envisages 12,000 job cuts worldwide, a source close to the matter said on Friday, indicating a larger reduction compared with 10,000 layoffs that had been expected.
Reuters reports that UniCredit SpA will reduce its Italian workforce by 3,500 jobs, including 2,700 cuts already planned but not fully implemented, according to two other sources.
Those sources added that along with Italy, cuts would be significant in Austria and Germany.
Bloomberg News had previously reported that UniCredit SpA was considering eliminating another 10,000 jobs in coming years on top of thousands of cuts already carried out.
Employees in Italy, Germany and Austria were thought probably be most affected by the reductions.
UniCredit's new business plan envisages 12,000 layoffs - source
UniCredit Said to Weigh Job Cuts in Sign of Profit Pressure