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January 24, 2013updated 04 Apr 2017 3:29pm

Job cuts surge at Unicredit and Lloyds

Italian bank Unicredit plans to cut about 1,000 jobs at its German unit by the end of 2014 in a bid to slash costs at its ailing retail bank, Reuters has reported, as Lloyds cuts a further 1,000 jobs in the UK.

By Elsa Buchanan

Italian bank Unicredit plans to cut about 1,000 jobs at its German unit by the end of 2014 in a bid to slash costs at its ailing retail bank, Reuters has reported, as Lloyds cuts a further 1,000 jobs in the UK.

Member of UniCredit Group, HypoVereinsbank (HvB), is reported to cut 600 jobs in its retail unit, which comprises HvB’s private banking division, according to German newspaper, the Frankfurter Allgemeine Zeitung.

As part of the restructuring HvB, which employs 19,000 staff is understood to close about 45 branches of its private banking and retail business.

 

HvB: 600 jobs cut in 2013, 400 in 2014

In total, about 600 jobs will be cut in 2013 with the remainder to be cut by the end of 2014.

An extra 400 jobs will be shed as part of a change to the corporate structure which will split the bank’s German operations into two units – one for private clients and one for corporate customers.

Although the bank confirmed negotiations with labour representatives were to take place very soon, UniCredit declined to comment.

 

Lloyds also slashing headcounts: 160 jobs losses in wealth unit

The news come a day after Lloyds announced it was cutting nearly 1,000 jobs across the UK over the next three to six months.

Lloyds confirmed 160 jobs would be cut in the wealth unit.

The cuts will affect portfolio management, international mortgage service personnel, wealth management personnel and corporate commercial advisers, according to the bank.

Part of the Lloyd’s plan to cut 15,000 jobs, the 940 job cuts take the total job losses announced by the Lloyds this month to more than 1,300.

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