The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

EBF’s Mustier warns: 'We cannot avoid a financial crisis'

UniCredit chief is confident that if banks focus on protecting employees, clients and capital, they can play a crucial role in the economic rescue.

MUSTIER - 2020 - 780

Jean Pierre Mustier, chief executive of UniCredit and chairman of the European Banking Federation, has led the industry’s support for the European Central Bank’s request last Friday that banks should suspend dividends and share buybacks until at least October.

Mustier – speaking to Euromoney earlier this week – gives a stark warning to those who do not support the measure. “We cannot avoid a financial crisis, although it is too early to say in what form,” he says. “There will be a lot of SMEs with problems and the cost of risk of banks will increase.”

New programmes of state guaranteed loans – worth hundreds of billions of euros in some countries – could reduce the increase of banks’ loan loss provisions by two thirds.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree