Business
UniCredit Posts $2.9 Billion Loss
- No new guidelines for 2020 as uncertainty is too high
- Virus preparation boosts provisions to 1.26 billion euros
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UniCredit SpA can come close to achieving its profit target for next year if Europe’s economy rebounds as strongly as the bank expects, Chief Executive Officer Jean Pierre Mustier said after the lender reported its biggest net loss in three years.
Italy’s biggest bank by assets can reach 75% to 80% of its net income goal for next year, or 3 billion euros ($3.2 billion) to 3.5 billion euros, if the European Union economy rebounds by 10% as the bank’s economists expect, Mustier said on a conference call.