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Jean Mustier to Remain as CEO of Italy’s UniCredit

Italy’s most significant bank UniCredit asserted Monday that Chief Executive Jean Pierre Mustier had confirmed he would remain in his position, based on media reports that he was being considered for the top job at competitor HSBC.Jean Mustier to Remain as CEO of Italy's UniCredit

UniCredit recently introduced a new plan through 2023, and its “whole management staff, along with Jean Pierre Mustier, is centered on its successful execution,” the bank mentioned in an announcement.

A person with information on the matter informed Sunday, Mustier had ruled himself out of the competition to take the helm at HSBC.

Two persons familiar with the matter had previously confirmed he was being considered to replace to HSBC temporary CEO Noel Quinn, who’s competing for the permanent job.

Quinn last week declared plans for a major shake-up at the bank, its third since the monetary crisis.

Mustier Joined UniCredit in mid-2016 and is extensively credited with turning the bank’s fortunes around by shoring up its poor capital base, cutting prices and dealing with bad loans. Under his regime, the lender contracted its worldwide and domestic footprint.

Uncertainty about Mustier’s future on the bank drove UniCredit shares down 3.9% Friday.

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