By Pietro Lombardi

Italy will bear the brunt of UniCredit SpA's (UCG.MI) planned job cuts and branch closures in the next four years, an Italian union said Tuesday after the bank presented its new strategic plan.

Of the roughly 8,000 jobs the bank intends to cut through 2023, 5,500 will be in Italy, the Unisin union said. It added that of the 500 branches expected to be closed, 450 are in the country.

Speaking with journalists Tuesday morning, UniCredit Chief Executive Jean Pierre Mustier didn't give details on the job cuts but said they would be done in a socially responsible way.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

December 03, 2019 09:00 ET (14:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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