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...By comparison, UniCredit, the second-largest western bank in Russia, employed 3,171 staff at the end of 2023 compared with 4,383 two years earlier....
...Among the most eye-catching distribution announcements this year are Italy’s UniCredit, which promised to pay €8.6bn — its entire profit haul for 2023 — to investors....
...“Look back at the US banks [and] how they got into their position....
...Buch said eurozone banks had cut their Russian activities by half in the past two years and those still present, which include Italy’s UniCredit and Austria’s Raiffeisen, had been given “clear expectations...
...UniCredit on Monday reported fourth-quarter net profit of €2.81bn, beating average analyst consensus of €1.21bn and pushing its net profit for 2023 to €8.6bn, up 50 per cent from the previous year....
...Ermotti’s total pay also dwarfs the awards of chief executives at other major European banks, including Christian Sewing of Deutsche Bank, who was paid €8.9mn last year, and Andrea Orcel of UniCredit, whose...
...UniCredit shares hit an eight-year high on Monday after the bank said it would return its entire 2023 profit pool of €8.6bn to investors....
...Italian banks UniCredit and Intesa Sanpaolo have reached 13 and nine-year highs respectively....
...The Financial Stability Board has removed Italian lender UniCredit from its list of global systemically important banks, the international monitor said on Monday, taking its total down to 29 from 30 last...
...No such plan existed for Deutsche Bank, which is rather too large for most other banks to digest in a hurry....
...International growth could involve Greece’s Alpha bank, which UniCredit took a 9 per cent stake in at the end of last year. Even bolder would be a deal with Commerzbank....
...Other western banks, including Citigroup, Italy’s UniCredit and Austria’s Raiffeisen Bank International, are still operating in Russia....
...UniCredit and Barclays both exceeded profit expectations for the third quarter. The Italian bank made the better impression....
...Austria’s Raiffeisen Bank International said it expected to be ordered by the European Central Bank to speed up its withdrawal from Russia, in a move that could derail talks to sell its highly profitable...
...Unicredit’s results come a day after the bank unveiled its first deal of Orcel’s tenure as chief executive, expanding in Romania through a takeover of Alpha Bank’s local operations....
...The brunt of the cuts affected Karl von Rohr, the former head of Deutsche’s private bank who left the bank last year after his contract was not extended....
...Unicredit’s deal-hungry chief executive Andrea Orcel might even be encouraged to buy another insurance business....
...Milan-based UniCredit also said it had opted to set aside €1.3bn in non-distributable reserves instead of paying Italy’s controversial bank windfall tax....
...UniCredit will pay €300mn in cash for Alpha Bank’s Romanian operations and will merge them with its local subsidiary. Alpha Bank will retain close to 10 per cent of the combined entity....
...Santander’s share count has increased 85 per cent; UniCredit by nearly 11 times. All had their reasons....
...That is enabling some banks to squeeze their balance sheets. Consider UniCredit of Italy. By the end of this year, its risk-weighted assets will have fallen by more than a tenth since 2021....
...But less than a year later, under a new chair and chief executive, the bank underwent another restructuring....
...At the time, Credit Suisse said a change to the contract would lead to a $600mn loss for the bank. But on Wednesday, UBS confirmed it would be a $900mn loss....
...During his speech at the bank’s AGM, UBS chief executive Sergio Ermotti said he agreed with Kelleher’s view on capital needs and said it was a “source of great concern” that the bank was perceived to enjoy...
...ING, and banks such as Italy’s UniCredit, can afford to dole out capital. Its common equity tier one ratio at over 14 per cent of risk weighted assets is well beyond its 12.5 per cent target....
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