Italian banks: A tale of two banks

Unicredit has suffered yet another setback. An aborted property deal has forced the bank to cut its profit forecast by a quarter. It’s a new blow to the reputation of Alessandro Profumo, Unicredit’s once-celebrated boss. Adding to Profumo’s discomfort, his rival Corrado Passera, head of Intesa Sanpaolo, is cementing his status. Unicredit’s failure to get away the property deal – which was reportedly valued at around E1bn – should not be surprising. But it tops a bad few weeks for Profumo. The ...