The former head of UniCredit’s corporate and investment bank has wasted no time in shaking up the Italian group's leadership ranks since taking over as CEO a fortnight ago, with a string of role changes including at the top of his old division.

The Italian bank said in a July 26 statement that it would "streamline" its organisational structure, reducing the number of direct reports to new CEO Jean Pierre Mustier and "bolstering accountability through shorter reporting and decision making lines".