finance

More changes from Orcel's shake-up of UniCredit due in coming weeks -sources



© Reuters. The logo of UniCredit Bank pictured outside the company’s branch in Kiev, Ukraine, March 30, 2016. REUTERS/Gleb Garanich/File Photo

MILAN (Reuters) – UniCredit is set for further senior management changes in the coming weeks as part of new CEO Andrea Orcel’s reorganisation of Italy’s second biggest bank, two people close to the matter said.

In May, less than a month after taking the job, Orcel announced an overhaul of top management, streamlining a structure designed by his predecessor Jean Pierre Mustier.

Orcel axed co-heads for the main functions, slashed the number of internal committees to 15-20 from 44 and replaced an executive management committee of 27 top managers with a 15-member committee.

The sources said the bank was pressing on with a reshuffle of senior managers reporting to that 15-strong group executive committee which was expected to be announced to staff in the coming weeks.

A representative for UniCredit decline to comment.

The ex-boss of UBS’ investment banking arm brought in some former associates, including Fiona Melrose, ex head of strategy for the investment bank at UBS, who is now in charge of “Strategy and Optimisation” at UniCredit.

Sources told Reuters last week another former UBS banker, Giacomo Marino, was set to join Melrose’s team, leaving his post at local banking foundation Cariverona, a UniCredit shareholder.

Orcel arrived in mid-April after UniCredit’s board fell out with his predecessor over strategy.

He is due to present a new business plan later this year and has said he may look at mergers and acquisitions as a way to accelerate his strategy aimed at boosting UniCredit’s profits.

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