UniCredit’s cash handout is just a start

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UniCredit boss Andrea Orcel is trying to keep investors happy with cash. Unveiling its full-year results on Friday, the Italian bank pledged to hand out a record 3.75 billion euros by paying dividends and buying back shares. That’s nearly a quarter of the 16 billion euros Orcel has promised to give back by 2024. Even after the handout, UniCredit’s common equity Tier 1 capital ratio will be more than 14%, comfortably above a stated floor of 12.5%.