Italy’s UniCredit streamlines CIB unit in new CEO’s revamp

UniCredit (CRDI.MI) has streamlined its corporate and investment banking division, an internal document showed, the latest step in a revamp launched by new Chief Executive Andrea Orcel.

The former UBS investment banker has focused on simplifying the structure of UniCredit, Italy’s only bank deemed of global significance by supervisors. The bank also has operations in Germany, Austria and Central and Eastern Europe.

Within a month of arriving, Orcel had on May 12 unveiled an overhaul of UniCredit’s top management structure, bringing in former lieutenants, axing co-heads and slashing the number of internal committees.

At the time, he confirmed Richard Burton as head of Corporate and Investment Banking (CIB).

Burton told staff in a message to staff on Wednesday that he was streamlining his reporting lines and downsizing the CIB executive committee to facilitate “faster decision-making processes with clear accountability.”

UniCredit named Goffredo Guizzardi sole head of CIB’s Financing and Advisory division, while former co-head Christian Reusch was moved to a new role.

Similarly, Luca Corsini will become the sole head of CIB’s Global Transaction Banking, with his former co-head Giovanni Solaroli now in charge of Transaction Banking Solutions Italy.

Marco Bales and Lionel Bignone will continue to lead the Markets division, with a focus on sales and trading activities respectively, the message said.

In unveiling further management changes last week, UniCredit had said Alfredo Maria De Falco, Jan Kupfer, and Fabio Fornaroli were confirmed as the heads of CIB Italy, CIB Germany, and CIB Central and Eastern Europe, respectively.