Italy's biggest bank by assets, UniCredit SpA , said on Tuesday its top managers had decided to waive their entire 2020 bonus pay and that the bank would donate an equivalent amount to the UniCredit Foundation to support social initiatives.
FILE PHOTO: A view of the Unicredit headquarters of which many employees are working from home due to a coronavirus outbreak, in Milan, Italy March 2, 2020. REUTERS/Yara NardiMILAN: Italy's biggest bank by assets, UniCredit SpA , said on Tuesday its top managers had decided to waive their entire 2020 bonus pay and that the bank would donate an equivalent amount to the UniCredit Foundation to support social initiatives.
"The UniCredit Remuneration Committee ... welcomed and appreciated the responsible managerial decision, considering the uncertain impact on the European economy of the current COVID-19 epidemic and its evolution over the next months," the bank said in a note.
Both UniCredit and Intesa this week put on hold dividend payments to comply with regulatory calls to preserve capital.
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