UniCredit is set to add 200 new positions as part of a transformative initiative aimed at revamping its securities services. This phase involves collaboration with BNP Paribas, which will provide custody services, and FNZ, tasked with developing a cloud-based post-trade securities platform.
This latest move follows an announcement made in January regarding the internalization of the bank’s back-office operations for securities services, aimed at streamlining processes across Italy and Germany. By moving these operations in-house, UniCredit is expected to standardize its practices and suppliers, resulting in the creation of over 200 jobs.
Under the new strategy, BNP Paribas will serve as the custody services partner for both Italy and Germany, with additional support extending to Luxembourg. Concurrently, dedicated teams from UniCredit will work with FNZ to establish a comprehensive post-trade securities platform tailored for its custody services in Germany.
The initiative is projected to generate over 140 new roles in Germany, where most services have historically been outsourced, along with 60 new positions in Italy. Additionally, 25 roles within the digital team will emerge across Italy, Germany, and Poland to facilitate this transition, with plans for further expansions already in motion. A cross-functional project team has also been established to oversee the ongoing transition.
Marion Höllinger, CEO of HypoVereinsbank, a UniCredit subsidiary in Germany, remarked, “By internalizing vital components of the securities value chain, we are making a strategic investment in one of our core product areas. This move strengthens our internal expertise, enhances our operational resilience, and accelerates our digital transformation.”