Jean-Pierre Mustier

In late 2020, Jean-Pierre Mustier announced his departure from UniCredit after finding that his strategy was no longer aligned with the board's. Tensions concerned in particular a possible acquisition of Monte dei Paschi di Siena and the future structure of Italian and international operations.

State of the evidence

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Attribution

Direct responsibility

The Team 23 strategy presented by Mustier provided for approximately 8 000 job cuts and the closure of 500 branches across Europe by 2023, while increasing distributions to shareholders. Italian unions strongly opposed the workforce reductions.

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Attribution

Direct responsibility

Shortly after taking over UniCredit, Jean-Pierre Mustier launched a major turnaround plan involving approximately 6 500 additional job cuts, asset disposals, a substantial reduction in non-performing loans and a €13 billion capital increase.

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Attribution

Direct responsibility

In 2010, the Financial Markets Authority imposed a €100 000 sanction on Jean-Pierre Mustier for selling 6 000 Société Générale shares in August 2007 while, in its assessment, he possessed inside information concerning the bank's exposure to the subprime crisis.

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Attribution

Personally implicated

During the Jérôme Kerviel affair, several internal and regulatory investigations identified control failures at Société Générale. Jean-Pierre Mustier headed corporate and investment banking, the division where Kerviel worked. His resignation and that of another executive were initially rejected before he eventually left his operational role.

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Documented