UniCredit, Italy’s biggest bank, is planning to raise €13bn (£10.9bn) and cut 14,000 jobs over the next two years in a bid to return to financial health.
The bank plans to use the record rights issue to help remove almost €18bn of bad debt from its balance sheet and boost profitability.
The move comes as Italy’s third-largest bank, Monte dei Paschi di Siena, tries to avoid a government bailout.
UniCredit also plans to close about a quarter of its 3,800 branches.
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