Daily News: December 13, 2016

WSJ: UniCredit to Raise $14B, Shed Bad Loans, Cut Jobs

The Wall Street Journal reported that Rome-based UniCredit is planning to cut thousands more jobs and sell shares and bad loans as part of an overhaul aimed at bolstering its capital base.

The Journal said Italy’s largest bank by assets plans to shed €17.7 billion ($18.8 billion) of gross bad loans by bundling them into securities to be sold to investors.