Mustier tightens grip on UniCredit with Papa exit

General manager Gianni Papa’s departure from UniCredit sees the exit of its most senior career insider – and its most senior Italian executive – ahead of a series of strategic decisions due later this year. He is due to step down on June 1.

Papa’s exit is the most important move in a senior-management reshuffle, unveiled on Wednesday, ahead of the bank’s new three-year strategic plan, which it is preparing to unveil in December.

Investors will be watching that plan for any big changes, including the bank’s openness to potential acquisitions, or sales of parts of its operations.