Unicredit where it’s due

Alessandro Profumo is defying his enemies, so far. Following a good set of third quarter results, politically-motivated attempts to force the ouster of the Unicredit boss – both public and covert – should now cease. If not, Italy risks a reputation as a country hostile to independent-minded voices. True, Profumo has made some strategic errors. He lost market confidence with his decision in October to raise E6.6bn of capital, just days after denying he would need to. He is also a poor politician....