Here’s what the WSJ thinks of Andrea Orcel, CEO of Unicredit
“How a ‘Star Banker’ Supercharged a Troubled Financial Stock.” So the Wall Street Journal headlined a long article on the CEO of Unicredit, Andrea Orcelunderlining how, “in a difficult moment for the financial world, there is a banking stock that has more than doubled in the last year, driven by a bold goal: to transform an Italian credit institution, once in difficulty, into a profit machine”.
The WSJ remembers how Unicreditin 2022 reported “the highest annual profit in more than a decade. As of Monday’s close, its shares were up 42% for the year, despite March’s turmoil, compared with a 9% increase in the index Stoxx Europe 600 Banks“.
“The relaunch was led by Orcel“, who “inherited an institution still undergoing restructuring and based in a country known for anemic economic growth,” says the financial newspaper, adding that the CEO “reduced mortgage approval times and eliminated the internal committees which slowed down the decision-making process. He has reduced costly external consultancy work and eliminated layers of management, empowering employees at lower levels,” explains the Wall Street Journal.
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