UniCredit unveils €13bn fundraising and plans to cut 14,000 jobs

The boss of UniCredit plans to raise €13bn (£10.8bn) from investors, slash thousands of jobs, shed billions of euros of bad loans and has docked his own pay as he battles to shore up the balance sheet of Italy’s biggest bank. Jean Pierre Mustier, the new boss of the beleaguered lender, has outlined a sweeping overhaul of the troubled bank which aims to boost its capital buffer, although the clean-up will cost it €12.2bn in one-off charges during the fourth quarter. The Frenchman plans to cut an extra 6,500 jobs, taking the total losses by 2019 to 14,000 - or about one in 10 roles, close 944 of its 3,800 branches, and has struck deals to offload almost €17.7bn of non-performing loans. To show his commitment to the painful turnaround, the UniCredit chief  has asked for his own fixed salary to be cut by 40pc to €1.2m, will forgo an annual bonus this year, will not receive any severance pay if he quits or is sacked, and will invest €2m in the bank's shares.