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UniCredit says GM Papa to step down June 1

Reuters
FILE PHOTO: The UniCredit-Banca di Roma bank headquarters is seen in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi (Reuters)

MILAN (Reuters) - UniCredit said on Wednesday General Manager Gianni Franco Papa would step down effective June 1 as part of a wider senior management reorganisation at the Italian lender.

Italy's biggest bank by assets also said its new strategic plan for the 2020-23 period would be presented in London on Dec. 3.

The bank, whose shares have lost 40 percent of their value in the last 12 months, is due to present 2018 results on Thursday.

(Reporting by Agnieszka Flak)