UniCredit, feeling squeeze from low rates, cuts 18,200 jobs

Italy's top bank UniCredit announced plans Wednesday to shed over 18,000 jobs in an effort to stay profitable as low interest rates and the weak economy weigh on earnings. A third of the 18,200 jobs are to go as UniCredit sells off a bank in Ukraine and a joint venture between its Pioneer unit and Santander. The rest is to be achieved through cuts in Italy, Germany and Austria, leaving the bank with 111,000 employees in 2018.