Unicredit reshuffle sees Ermotti quit

UNICREDIT SpA’s top investment banker Sergio Ermotti will leave the bank after being passed over in a management reshuffle, the first casualty of a revamp that followed the appointment of a new chief executive.

UniCredit’s board yesterday named retail chief Roberto Nicastro as sole general manager at Italy’s largest bank – a move which paved the way for the departure of Ermotti, a former Merrill Lynch executive well known in international financial circles.

The revamp is the first key decision for new chief executive Federico Ghizzoni, appointed last month after former boss Alessandro Profumo quit in a row with investors. Nicastro, 45, had headed UniCredit’s vast retail network since 2007.