Market turmoil hits UniCredit

Thursday 13 March 2008 at 17:43

UniCredit has blamed the market turmoil in the second half of last year for an 11% profits drop in its investment banking and markets division.

The credit crunch led to a 46% fall last year in UniCredit’s group income from trading and hedging compared to in 2006. The bank said market gyrations had put “serious pressure on investments and trading positions”.