Further changes brought about by Orcel’s restructuring of UniCredit are set to take place in the coming weeks, sources

MILAN, June 29 (Reuters) – UniCredit (CRDI.MI) will make further senior management changes in the coming weeks as part of the restructuring of Italy’s second largest bank by new CEO Andrea Orcel, two people familiar with the matter have said are.

In May, less than a month after taking office, Orcel announced a top-management reshuffle, streamlining a structure designed by his predecessor Jean Pierre Mustier. Continue reading

Orcel fired key function co-leads, reduced the number of internal committees from 44 to 15-20, and replaced a board committee of 27 top executives with a 15-member committee.

The sources said the bank is moving forward with a reshuffle of senior managers reporting to the 15-member group board, which employees are expected to announce in the coming weeks.

A UniCredit representative declined to comment.

The ex-head of UBS’s investment banking division brought in some former employees, including Fiona Melrose, former head of strategy at UBS’s investment bank, who is now responsible for “strategy and optimization” at UniCredit.

Sources told Reuters last week that another former UBS banker, Giacomo Marino, is joining Melrose’s team and is stepping down from his post at local banking foundation Cariverona, a UniCredit shareholder.

Orcel came in mid-April after UniCredit’s board of directors fell out with its predecessor over strategy. Continue reading

He is due to present a new business plan later this year and said he might consider mergers and acquisitions as a way to accelerate his strategy to boost UniCredit’s profits. Continue reading

Reporting by Valentina Za and Elisa Anzolin; Edited by Jason Neely

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