CEO Jean Pierre Mustier said the plan would increase stakeholder value by 16 billion euros. Shares in the bank were trading up 0.02 per cent at 12.37 euros, after an initial boost of nearly 1 per cent on opening. UniCredit aims to close 500 branches, putting the customer focus on "streamlined processes and innovative products," it said. That will include migrating customers toward digital banking channels, including mobile, while it seeks to grow both private banking and wealth management. The bank intends to increase online banking from 45 per cent of customers to more than 60 per cent by 2023. While UniCredit said the job cuts and branch closures would be spread between Italy, Germany, and Austria, most will happen in Italy.