UniCredit is further overhauling its structure under CEO Andrea Orcel, an internal memo showed on Monday, in changes that include the departure of Stefano Vecchi, head of the group’s Italian private banking and wealth management unit.
Since taking the reins at UniCredit in April 2021, Orcel has been reorganising the group, creating in particular a specific division for Italy, which previous CEO Jean Pierre Mustier had grouped under the Western Europe commercial banking area.
Earlier this month Orcel took direct responsibility for the domestic business as the board removed Italy head Niccolo Ubertalli after little more than a year in the job.
“Following the recent changes to UniCredit Italy’s leadership ... we are making some adjustments to Italy’s organisational structure,” Orcel and his deputy for Italy Remo Taricani said in the memo to staff, of which Reuters saw a copy.
“These changes are the next step in our simplification journey. They will give you greater clarity and accountability, they will reduce complexity and ambiguity, and remove unnecessary silos.”
The memo said the private banking business that Vecchi had been leading since October would be run within each of the seven geographical areas that make up UniCredit’s Italian operations.
Vecchi follows in the tracks of other long-standing senior managers who have left the group in recent weeks.
The memo showed also the role of head of Italy client solutions had been removed, adding that Alfredo De Falco’s new position would be known in due course.
UniCredit, which reports first half results on Wednesday, also named Stefano Chiarlone head of finance for Italy, replacing Simone Marcucci.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.