UniCredit's new business plan envisages 12,000 layoffs: source

MILAN (Reuters) - UniCredit's new business plan envisages 12,000 job cuts worldwide, a source close to the matter said on Friday, indicating a larger reduction compared with 10,000 layoffs that had been expected.

UniCredit will reduce its Italian workforce by 3,500 jobs, including 2,700 cuts already planned but not fully implemented, according to two other sources.

Those sources added that along with Italy, cuts would be significant in Austria and Germany.

UniCredit declined to comment.

Italy's biggest bank by assets is due to present an updated plan to shareholders on Nov. 11 as its Chief Executive Federico Ghizzoni lays out his strategy to bolster shareholder confidence in the face of the lender's underperformance.

(Reporting by Gianluca Semeraro; writing by Francesca Landini; editing by Philip Pullella)

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