Following Bloomberg News on Monday, 22nd of July UniCredit weighs thousands of job cuts within the new industrial plan. Bloomberg states the Group is weighing as many as 10.000 cuts. Although the Group does not comment on these news, yesterday the CEO J.P. Muster sent a leter to all employees, referring to the process streamlining and digitiaton but does not deny the strong headcount reducton.

As Select Commitee of the European Works Council of the Group we address a clear message to the Group Management.

We understand that the bank of the future must evolve the service model, especially in process simplificaton and investments in digitiaton and on this point we claim a consultaton and negotatons through the social dialogue with the management at all levels and in all Countries.

But if this will involve a job cutni proiram, we announce that the Unions, the Employees Representatves and the EWC will fiht with stroni determinaton such plans. The employees have already paid a hiih price within the last multyear plans and we will not accept additonal job cutnis.

Milan, 24 July 2019
Select Commitee oo UniCredit European Works Council