Unicredit 2020 with a loss of 2.8 billion euros

finance

In the previous year, the Italian parent bank of Bank Austria made a profit of 3.4 billion euros.

Unicredit 2020 with a loss of 2.8 billion euros

Unicredit headquarters in Milan.

The Italian Bank Austria parent Unicredit expects better business again after a billion-dollar loss in the year marked by Corona. In 2020, including all costs for the group restructuring and depreciation, a loss of almost 2.8 billion euros fell after a profit of 3.4 billion euros in the previous year, as the bank announced on Wednesday evening in Milan.

The higher than analysts expected loss could also have something to do with the upcoming change of boss. The previous boss Jean Pierre Mustier, who restructured the bank after the financial crisis, announced in December that he would retire in April. It has now been announced that he is already leaving the bank.

His successor, Andrea Orcel, has recently been announced. Before a change at the top of the group, it is quite common for legacy issues to be removed from the balance sheet in order to make the start of the new group leader easier. This is possible, for example, with depreciation.

Ranieri de Marchis, Co-Chief Operating Officer of UniCredit, will lead the Italian parent bank of Bank Austria in a transitional phase until the new boss Andrea Orcel takes office in mid-April. De Marchis has been appointed general manager, the group announced on Wednesday evening.

Leave a Reply

5 × 2 =