UniCredit: No end to Mustier’s tests

Jean Pierre Mustier is allowing no let-up in the relaunch of UniCredit after its €13 billion rights issue in the spring of 2017. 

The share sale ended an immediate crisis of confidence over the bank’s capital position with impressive dexterity. It was the culmination of Mustier’s whirlwind return to the bank as chief executive in mid 2016.

His shock-and-awe tactics have brought a transformation in the market’s view of the pan-European lender. As the year drew to a close, even habitual bears Berenberg noted that costs and capital would beat the bank’s own 2017 targets.