As Andrea Orcel and Pier Carlo Padoan settle into their new roles as UniCredit’s respective chief executive and chairman, they face a rare and uncomfortable predicament at the bank: shareholder activism.
It is relatively unusual for any big bank to have to contend with activist investors. It is almost unheard of for a southern European bank to do so.
And Orcel and Padoan are facing that pressure from the off, without having had the chance to prove themselves.
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