UniCredit, Italy's top bank, is set to launch a rights issue to help strengthen its balance sheet after reporting losses of €10.64bn.
The bank said it had made the loss - equal to £9.1bn - having been forced to write down €10.17bn of its debt "due to the negative impact of the new macroeconomic and regulatory scenario". Excluding the write down, the bank reported a loss of €474m, down from a net profit of €334m in the same quarter last year, AFP reported. The bank also approved a €7.5bn capital increase and said that by 2015 it would cut 5,200 jobs in Italy - around 12% of its workforce. The recapitalisation will be UniCredit's third since the start of the global financial crisis in 2008 after it had to raise fre...
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