Bumper loss, but strong capital for Italy's UniCredit as CEO departs

Italy's UniCredit parted ways with CEO Jean Pierre Mustier on Thursday as it posted a larger-than-expected quarterly loss after writing down the value of its investment banking business.
 

In nearly five years at the helm, Mustier rebuilt UniCredit's capital reserves and cleaned up its balance sheet, but failed to find sustained profit drivers or lift the bank's depressed stock price.
 

The shares, which trade at a discount of more than 60% to the bank's book value despite a recent rally, were down 2.8% at 1300 GMT, hit by uncertainty over future strategy and a weak revenue performance.
 

"The fourth quarter