Global Bank Job Cull Tops 75,000 This Year as UniCredit Cuts (1)

UniCredit SpA’s plan to eliminate 8,000 jobs is pushing cuts announced by banks this year past 75,000, almost all of them in Europe, where negative interest rates and a slowing economy force lenders to slash costs.

Chief Executive Officer Jean Pierre Mustier on Tuesday announced the measures as part of the next, four-year chapter in his overhaul of Italy’s largest bank. They bring the total job cuts disclosed by banks around the world to 75,700, with 83% of that in Europe.

The figures underscore the weakness of European banks as the region’s export-oriented economy is rocked by international trade ...