UniCredit is cutting 300-400 technology jobs in Germany as part of a broader cost streamlining effort. Some roles are being relocated to Romania, following a well-established pattern in European banking of shifting back-office operations to lower-cost markets in Eastern Europe.
This is relatively modest for a bank with 85,000 employees globally, but it fits into a larger trend in European finance. UniCredit is also navigating a complex attempted acquisition of Commerzbank, which itself is cutting 3,900 jobs. The German banking sector is consolidating rapidly, and technology roles are often the first casualty of that consolidation.