By Pietro Lombardi
UniCredit SpA's new chief executive officer Andrea Orcel is moving quickly to set a different course for the bank and, having said just a few days after his appointment that he was open to merger and acquisition activity, is now changing the organizational structure of the bank.
The Italian lender said Wednesday that it is launching a new, streamlined organization and management team, which will deliver the new strategic plan in the second part of the year. The new structure gives technology and digitalization a key role, creating a new digital division.
Under the plan, the bank is creating a CEO office, which will be responsible for strategy and optimization. It also set up a group executive committee of 15 people, which replaces the 27-strong executive management committee.
Among the changes, the new organization gives more responsibility to regional CEOs, makes its Italian home market a standalone geography and rejigs the corporate and investment bank business, positioning it across geographies.
"When I began as CEO of UniCredit, I promised that one of my first priorities would be to reduce complexity and simplify UniCredit's structure," Mr. Orcel said.
"Today, you can see the first steps in delivering on that promise: streamlining our business, clarifying key roles, and improving accountability so that we can better deliver for all our stakeholders," he said.
Last week, the CEO said that it was time for the bank to move from a period of restructuring to one of growth, which may include M&A.
Write to Pietro Lombardi at email@example.com; @pietrolombard10
(END) Dow Jones Newswires
May 12, 2021 02:57 ET (06:57 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.