The European Central Bank has raised concerns with UniCredit about a high turnover of top managers, after a string of changes at Italy's No.2 bank under Chief Executive Andrea Orcel, two people with knowledge of the matter said.
Item 1 of 3 A view shows the board of the Europ ean Cen tral Bank building, on the day of the monthly news conference following the ECB 's monetary policy meeting in Frankfurt, Germany, September 14, 2023. REUTERS/Wolfgang Rattay/File PhotoA view shows the board of the Europ ean Cen tral Bank building, on the day of the monthly news conference following the ECB 's monetary policy meeting in Frankfurt, Germany, September 14, 2023.
European banking supervisors flagged the issue to UniCredit in recent months as part of the regular feedback to banks in their assessment of risks, said one of the sources, speaking on condition of anonymity because the matter is confidential.Banking supervisors, which are tasked with preserving financial stability, worry generally about high managerial churn because frequent handovers can increase operational risks.
Frequent changes at the top risk delaying the implementation of strategies that the ECB monitors closely, such as shifting to digital banking. Supervisors are also focused on governance and how banks manage unexpected risks. The ECB said in December, when publishing the results of its annual evaluation processes, that banks needed to pay particular attention to internal governance given three out of four had deficiencies in that area.top-tier team has been in place almost since CEO Carlo Messina took over in 2013. Intesa has made some changes recently, including promoting its deputy CFO to chief financial officer, as Messina prepares to seek a new mandate.
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