UniCredit Names Papa General Manager; Mingrone, Fiorentino Exit

(Bloomberg) -- UniCredit SpA Chief Executive Officer Jean Pierre Mustier is shuffling senior ranks at Italy’s largest bank, elevating Gianni Franco Papa to the role of sole general manager while Bernardo Mingrone and Paolo Fiorentino will leave the company.

The bank also named Ranieri de Marchis and Francesco Giordano co-chief operating officers, reporting to the CEO, UniCredit said in a stock-exchange statement on Tuesday. Marina Natale will head the strategy and M&A team during the strategic review.

"My objective is to streamline and improve its efficiency,” Mustier said in the statement. "Thanks to a leaner structure, shorter reporting lines and increased accountability we will foster a culture of strong risk and cost discipline and focused execution."

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net. To contact the editors responsible for this story: Simone Meier at smeier@bloomberg.net, Chiara Remondini