Europe Unicredit in talks to cut 1,200 jobs in Germany within three years

Unicredit in talks to cut 1,200 jobs in Germany within three years

 Hypovereins bank
Hypovereinsbank

Unicredit’s (CRDI.MI) German unit Hypovereinsbank is in talks with the works council to cut 1,200 jobs within the next three years, but plans to abstain from compulsory redundancies, it said on Thursday.

Italy’s biggest bank measured by assets had said on Wednesday that 2,900 jobs would be shed in Germany compared to end-2014 figures.

Of that figure, 1,500 staff working in Hypovereinsbank’s branches have already been laid off or told that their jobs will go. Some 200 additional jobs will be lost at Hypovereinsbank subsidiaries.

UniCredit is slashing its workforce by 14 percent and looking to restructure or sell businesses in Austria and Italy as it seeks to bolster its finances without asking shareholders for cash.