Salem Radio Network News Tuesday, August 16, 2022

Business

UniCredit simplifies corporate structure, private banking head Vecchi to leave – memo

MILAN (Reuters) – UniCredit plans to further simplify its corporate structure in a move that will see Stefano Vecchi, the head of its Italian private banking and wealth management unit, leave the bank, an internal memo seen by Reuters showed on Monday.

The move comes just weeks after Chief Executive Andrea Orcel took direct responsibility for running the Italian bank’s domestic business.

It is also the latest in a string of exits of long-standing senior UniCredit executives in recent weeks.

Vecchi became head of UniCredit’s wealth management and private banking division in October last year, when it was created. Orcel, former head of investment banking at Swiss bank UBS, took over as CEO in April that same year.

In the memo, signed by Orcel and his deputy head of Italy, Remo Taricani, the bank said Stefano Chiarlone was appointed new head of finance for Italy, replacing Simone Marcucci.

Client coverage will be firmly centered around the bank’s seven regions, with private banking to remain within them, it added.

(Reporting by Valentina Za, writing by Cristina Carlevaro, editing by Agnieszka Flak)

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