Jean-Pierre Mustier has returned to UniCredit, Italy’s largest bank by assets, as chief executive.
Mustier, then head of corporate and investment banking, left UniCredit 18 months ago, to join asset management boutique Tikehau. His return as chief executive was voted for unanimously by the bank’s board, and is expected to commence July 11.
Prior to his previous tenure at UniCredit, Mustier was head of investment banking at Societe Generale. He spent 22 years at the firm, and was widely tipped to lead the bank for some time. However, his ascension was derailed when rogue trader Jerome Kerviel, who Mustier managed, lost €4.9 billion for SocGen in 2008.
His appointment means Italy’s two largest financial institutions are now headed by French nationals, following the appointment of Philippe Donnet as chief executive of Generali in March this year.
Mustier’s appointment comes five weeks after Federico Ghizzoni resigned as chief executive of the firm, following months of investor dissatisfaction. In May this year, UniCredit’s first quarter results indicated profits had fallen by a fifth to €406 million, which the firm attributed to lower revenues and restructuring costs.
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