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People and MarketsBank Results

UniCredit takes giant loss as it preps turnaround plan

Jean-Pierre Mustier UniCredit

UniCredit announced an €11.8bn loss on Thursday as expected, paving the way for its €13bn rights issue and fifth shot at a transformational rescue. The bank said it had signed agreements preparing for 14,000 redundancies, but away from this carnage, the underlying businesses appeared to stay strong.

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