MILAN (Reuters) – UniCredit is taking a new step in simplifying its structure which has led to the departure of Stefano Vecchi, head of its Italian private banking and wealth management unit, according to an internal memo seen by Reuters on Monday.
The move comes just weeks after chief executive Andrea Orcel took direct responsibility for running the Italian bank’s domestic business.
It is also the latest departure in a series that has seen several long-serving senior executives leave UniCredit in recent weeks.
Stefano Vecchi took over as head of UniCredit’s wealth management and private banking division in October last year when it was founded. Andrea Orcel, formerly head of investment banking at Swiss bank UBS, became chief executive in April of the same year.
In the internal memo, signed by Andrea Orcel and its deputy director for Italy, Remo Taricani, the bank indicated that Stefano Chiarlone has been appointed as the new chief financial officer for Italy, replacing Simone Marcucci.
Customer coverage will be at the heart of the group’s seven divisions, of which private banking will continue to be part, the note said.
(Report Valentina Za, written by Cristina Carlevaro, French version Augustin Turpin, edited by Sophie Louet)
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