Italy bests investors as Padoan rules UniCredit

Padoan, Pier Carlo (attrib Francesco Pietantoni) Wiki Dec 20 575x375
By David Rothnie, Jon Hay
01 Dec 2020

The resignation of Jean Pierre Mustier as group CEO on Monday night has laid bare deep fissures between the senior management of UniCredit, which has been focused on serving the interests of shareholders, and members of its board, which want to reposition the bank as a servant of the Italian economy.

The turning point came when Pier Carlo Padoan (pictured), who had been Italy's finance minister from 2014 to 2018, joined the bank as chairman-designate on October 13. He will succeed Cesare Bisoni as chairman in April.

Within days of arriving at the bank, Padoan told Mustier he disagreed with ...

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