>> Italy's largest lender, putting it's house in order. UniCredit trying to sure up it's balance sheet with what's been called a bold and pragmatic plan. Namely cutting about 14,000 jobs from a bloated workforce of over 100,000 employees. And issuing shares in the first quarter of next year. It hopes to raise $13 billion to write off the bank's many bad debts.
These are tough times for Italian banks. Monte Dei Paschi is at risk of failure, and a new government has just been installed in Rome, with elections expected early next year. Ensuring financial stability is one of its main priorities. UniCredit is the only Italian bank considered important to the stability of the global financial system, and it has lost more than half its market value this year.