Sighs matter

Alessandro Profumo’s U-turn has become a whew-turn. The chief executive of Unicredit lost credibility last October when he announced a capital call just days after saying the Italian bank didn’t need to tap the markets. Then Unicredit’s biggest shareholder, Fondazione Cariverona, said on Friday that it would not subscribe to its E500m share of the E3bn convertible bond issue. But Profumo sidestepped a crisis by finding other investors to take its place before the market opened on Monday. The rep...