UniCredit’s Italian private banking and wealth management division chief Stefano Vecchi has parted ways with the bank in the wake of a restructuring plan undertaken by the organisation, reported Reuters.

The overhaul is being carried out under the supervision of UniCredit CEO Andrea Orcel, stated the news agency citing an internal memo.

Orcel, who joined the bank in April 2021, is involved in establishing a particular division for Italy as part of the rearrangement.

Previously, the division was clubbed with Western Europe commercial banking zone by the bank’s former CEO Jean Pierre Mustier.

Orcel assumed charges for the local business early this month after the board suspended its Italian chief Niccolo Ubertalli, who served the bank for over a year.

Orcel and his assistant for Italy Remo Taricani was quoted by Reuters as saying in the memo: “Following the recent changes to UniCredit Italy’s leadership … we are making some adjustments to Italy’s organisational structure.”

The duo added: “These changes are the next step in our simplification journey.

“They will give you greater clarity and accountability, they will reduce complexity and ambiguity, and remove unnecessary silos.”

According to the bank memo, UniCredit Italy, which Vecchi has been heading since October 2021, will now function under the seven territorial regions that form the bank’s Italian division.

The exit of Vecchi comes close on the heels of the departure of several other senior managers in recent weeks.

In addition, UniCredit has axed the position of head of Italy client solutions and is anticipated to announce the new role of Alfredo De Falco soon, stated the memo.

The bank has also replaced Stefano Chiarlone as head of finance for Italy with Simone Marcucci.

In September last year, the bank formed its dedicated wealth management and private banking (WM & PB) division in Italy.

The division aimed to serve over 140,000 clients with over $117bn (€100bn) in assets.