UniCredit IB slashes Austria and structured credit businesses

07 Oct 2008

UniCredit intends to make deep cuts in its structured finance business and its Austrian operations as part of its plan to reduce its investment bank’s workforce by 700 people.

The Italian banking conglomerate, which owns Germany’s HVB and Bank Austria, plans to reduce its 3,500-strong investment banking workforce by one-fifth by the end of calendar year 2009.

While the Austrian corporate clients and capital markets businesses are expected to remain intact, much of the sales and trading ...

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