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 Federico Ghizzoni is working on a new business plan for Italy’s biggest bank with a target of a return on tangible equity higher than 10 percent for the “medium term.”
Euro-area finance chiefs will complete the rules for direct bank aid from the currency bloc’s backstop in March so the tool is ready when the European Central Bank concludes its assessment of lenders later this year, Dutch Finance Minister Jeroen Dijsselbloem said.
UniCredit SpA, Italy’s biggest bank, agreed to advise Ilva SpA, the country’s steelmaker involved in an environmental probe, on a new business plan the government- appointed commissioner is working on.