<p>UniCredit blamed the losses on 10.17 billion euros in write-downs "due to the negative impact of the new macroeconomic and regulatory scenario."<br /><br />Excluding the write-down, it said the loss was 474 million euros, still down from a net profit of 334 million euros in the same quarter last year.<br /><br />It also approved a 7.5-billion-euro capital increase and said that by 2015 it would cut 5,200 jobs in Italy -- around 12 per cent of its workforce.<br /><br />The recapitalisation will be UniCredit's third since the start of the global financial crisis in 2008 after it had to raise fresh funds in 2009 and 2010.</p>
<p>UniCredit blamed the losses on 10.17 billion euros in write-downs "due to the negative impact of the new macroeconomic and regulatory scenario."<br /><br />Excluding the write-down, it said the loss was 474 million euros, still down from a net profit of 334 million euros in the same quarter last year.<br /><br />It also approved a 7.5-billion-euro capital increase and said that by 2015 it would cut 5,200 jobs in Italy -- around 12 per cent of its workforce.<br /><br />The recapitalisation will be UniCredit's third since the start of the global financial crisis in 2008 after it had to raise fresh funds in 2009 and 2010.</p>