Italy's UniCredit says Mustier to stay on as CEO

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXNPEG1N0HH_L.jpg

MILAN (Reuters) – Italy’s biggest bank UniCredit (MI:) said on Monday Chief Executive Jean Pierre Mustier had confirmed he would remain in his role, following media reports that he was being considered for the top job at rival HSBC (L:).

UniCredit recently launched a new plan through 2023 and its “whole management team, including Jean Pierre Mustier, is fully focused on its successful execution”, the bank said in a statement.

A source with knowledge of the matter told Reuters on Sunday Mustier had ruled himself out of the race to take the helm at HSBC.

Two sources familiar with the matter had previously confirmed he was being considered to succeed to HSBC interim CEO Noel Quinn, who is vying for the permanent job.

Quinn last week announced plans for a major overhaul at the bank, its third since the financial crisis.

Mustier arrived at UniCredit in mid-2016 and is widely credited with turning the bank’s fortunes around by shoring up its weak capital base, slashing costs and dealing with problem loans. Under his management, the bank also shrank its international and domestic footprint.

Uncertainty about Mustier’s future at the bank drove UniCredit shares down 3.9% on Friday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.