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UniCredit to cut 700 investment banking jobs -paper

FRANKFURT
Tue Oct 7, 2008 3:01pm EDT

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FRANKFURT (Reuters) - Italian bank UniCredit (CRDI.MI) will cut worldwide 700 out of 3,500 jobs at its investment banking operations, German newspaper Frankfurt Allgemeine Zeitung reported on Tuesday, citing banking sources.

The job cuts would be announced on Wednesday, the newspaper said in an article to be published on Wednesday.

A UniCredit spokesman could not immediately comment on the matter.

(Reporting by Eva Kuehnen; editing by Elaine Hardcastle)


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