Italian banking and financial services company UniCredit is considering nearly 1,000 job cuts at its German subsidiary HypoVereinsbank by 2014, in order to trim its retail operations and slash operational costs.
The planned job cut, as a part of restructuring strategy, will be implemented in two phases. Under the first phase, approximately 600 positions will be eliminated during 2013.
The remaining 400 jobs will be curtailed in 2014 and HypoVereinsbank will shut down nearly 45 private banking retail business offices and divide corporate structure into two segments for private clients and for Intuitional customers.
The German bank has work strength of nearly 1,900 employees in the country and offers numerous banking services and products to clients in the country.
Unicredit previously announced that it will close 800 offices and eliminate over 6,000 positions as part of a group-wide reorganization program, as reported by Reuters.