UniCredit SpA, Italy’s biggest bank, posted a record 15 billion-euro ($20.8 billion) fourth- quarter loss as it set aside money for bad loans and wrote down goodwill from acquisitions. It plans to cut 8,500 jobs.
UniCredit SpA Chief Executive Officer Alessandro Profumo stepped down, ending his 13-year tenure as head of Italy’s largest bank, after clashing with shareholders over Libyan investments in the company.
Banca Monte dei Paschi di Siena SpA, the bailed-out Italian bank, will delay a 3 billion-euro ($4.1 billion) stock sale until at least May from the first quarter after its biggest shareholder demanded a postponement.
Banca Monte dei Paschi di Siena SpA’s shares fluctuated in Milan trading after its biggest shareholder overruled Chairman Alessandro Profumo to delay a 3 billion-euro ($4.1 billion) stock sale until at least May.
The risk of the euro area breaking up is minimal even as a lack of political leadership to resolve the region’s debt crisis undermines the currency, says Alessandro Profumo , chief executive officer of UniCredit SpA, Italy’s biggest bank.
Former UniCredit SpA Chief Executive Officer Alessandro Profumo is among 20 executives being examined in a tax-evasion probe that led a Milan court to seize 245 million euros ($337 million) of the bank’s assets, court documents show.