UniCredit to cut 1,400 jobs in E.Europe--report
VIENNA, March 25 (Reuters) - Italy's UniCredit (CRDI.MI) will cut up to 1,400 jobs in Ukraine and Kazakhstan this year as it trims costs in its emerging European business, Austrian daily Die Presse said on Wednesday, citing an executive.
Die Presse quoted the head of UniCredit's emerging European business, Federico Ghizzoni, as saying UniCredit planned to drop 600 to 700 jobs each in both Ukraine and Kazakhstan after already cutting 600 to 700 in Ukraine last year.
Ghizzoni also said that business in the first two months of 2009 had been "very good," echoing remarks by Chief Executive Alessandro Profumo about the entire group two weeks ago.
He also said he was sure that the investment by UniCredit, emerging Europe's biggest lender, in those two countries would pay off in the long run. The bank earlier this month wrote down the value of UniCredit's banks there.
Raiffeisen International RIBH.VI, the owner of Ukraine's No. 2 bank, announced 1,800 job cuts, or around 10 percent of its work force, in Ukraine last year.
(Reporting by Boris Groendahl; editing by Elaine Hardcastle)
((boris.groendahl@reuters.com; +43 1 53112-258; Reuters Messaging: boris.groendahl.reuters.com@reuters.net)) Keywords: UNICREDIT/JOBS
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