Seeking Alpha

Unicredit reports $20.8B loss in Q4

  • Italy's UniCredit (UNCFF, UNCFY) kitchen sinks it, booking a $20.8B Q4 loss as it sets aside money for bad loans and writes down goodwill from past acquisitions ahead of the ECB's EU-wide review of banks before it takes regulatory control in November.
  • The bank also announced plans to cut 8.5K jobs, about 6% of the workforce, along with a stock dividend of $0.10 per share for 2013.
  • The stock closed 6.2% higher in Milan, leading the FTSE MIB index to the EU's best performance on the day, +0.4%.
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