A dramatic turn in Italy!
Unicredit, the country's leading bank, announced on Monday evening the departure of its managing director, Jean-Pierre Mustier, at the end of his term in April 2021.
“In recent months, it has emerged that the strategy of the plan Team 23 and its founding pillars are no longer in line with the current vision of the board of directors, ”
explains the French manager, who has been involved in the transformation of Unicredit since 2016.
Tensions have arisen in recent months between this very famous banker and part of the board of directors over the group's strategy.
One of the main disagreements concerns the troubled Monte Dei Paschi di Sienna (BMPS) bank.
A very political issue: the Italian government asked Unicredit to buy BMPS, which benefited from a public rescue in 2017. Jean-Pierre Mustier, without expressing himself publicly on the issue, has repeatedly repeated that his strategy excluded possible acquisitions.
Jean-Pierre Mustier stabilized a ship adrift and in denial of its situation.
He cleaned the bank's balance sheet of billions of euros of bad debts and he replenished his equity
Jérôme Legras, head of research at Axiom AI
The announcement of his
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