Provisions loom over UniCredit IB as Mustier quits

Jean Pierre Mustier UniCredit
By Owen Sanderson, Steven Gilmore
06 Aug 2014

UniCredit's investment banking results are dominated by loan losses, with financing revenues from Italy swelling 62% but entirely wiped out by provisions taken in the region. Separately, Jean Pierre Mustier, the head of the unit, announced his departure on Tuesday.

Gianni Franco Papa, who heads UniCredit’s CEE division, will become replace Mustier as head of the investment bank.

Profits dived in the investment bank, with net operating profit down 30% to €385m. Profit in Markets was down 46% to €223m, on revenues which were down 33% to €426m, but ...

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