Italy's biggest bank to slash 14,000 jobs

Italian banks are drowning in bad debt

Italy’s biggest bank plans to raise €13 billion ($ 13.8 billion) and slash thousands of jobs to shore up its finances.

The sweeping overhaul announced Tuesday by UniCredit SpA will push the total number of expected job losses at the Milan-based bank to 14,000 by 2019. That’s about 10% of its employees.

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World business news – CNNMoney.com

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