UniCredit bets on share buyback to counter weak profit growth
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MILAN/LONDON (Reuters) - Italy's biggest bank UniCredit promised shareholders a 2 billion euro (1.7 billion pounds) share buyback in an effort to revive its moribund stock, but warned that its profit would barely grow despite plans to shed 9% of its staff. Like other European banks, UniCredit is grappling with negative interest rates which make lending unprofitable, while Italy's stagnating economy and unstable politics are compounding its problems, outweighing years of successful..